Alibaba Proposes Record $10.2 Billion Follow-On Share Issuance in Hong Kong to Fuel AI Expansion
Chinese e-commerce and cloud computing giant Alibaba Group proposed on Sunday a landmark new share issuance on the Hong Kong Stock Exchange, targeting a total raise of HK$80 billion ($10.2 billion).
According to the company, the transaction marks the largest primary follow-on share offering ever completed by a company listed in Hong Kong. It also stands as the largest registered primary equity offering in global financial market history.
The capital raise ranks as the third-largest primary follow-on equity transaction globally this year, trailing only mega-offerings by Alphabet and Intel. The move comes amid an intensifying global race among Big Tech companies to expand AI compute infrastructure, scale foundation models, and commercialize enterprise AI solutions.
Deal Structure & Transaction Highlights
The table below outlines key parameters of Alibaba’s proposed share offering:
Transaction DimensionDetails & Specifications
IssuerAlibaba Group Holding Limited
Listing VenueHong Kong Stock Exchange (HKEX)
Total Target CapitalHK$80 Billion (~$10.2 Billion USD)
Transaction TypePrimary Follow-On Equity Offering
Market Records
• Largest follow-on primary offering in HKEX history
• Largest registered primary equity offering in global market history
2026 Global Ranking3rd Largest follow-on equity raise worldwide (behind Alphabet and Intel)
Primary Use of ProceedsArtificial Intelligence (AI) infrastructure, cloud compute, and model scaling
Strategic Capital Deployment in AI
Hyperscale AI Competition: The capital injection will directly support Alibaba’s long-term cloud infrastructure upgrades, expanding data center capacity to run next-generation large language models (LLMs) and generative AI applications.
Strengthening HKEX Liquidity: The mega-issuance reinforces Hong Kong's role as a premier global capital-raising hub for Asian tech conglomerates seeking institutional liquidity outside U.S. markets.
Balance Sheet Optimization: The transaction provides substantial non-debt financing, positioning Alibaba with strong financial flexibility alongside global peers like Alphabet and Intel in sustaining high capital expenditure (CapEx) cycles.