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Alibaba Raises HK$800 Billion via Share Placement as AI Spending Rises

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In 2026 Q2, AI investment by Alibaba, Tencent, and Baidu surged to 131.8 billion yuan, with combined free cash flow outflows of 66.424 billion yuan. Despite a market oversubscription, Alibaba issued additional shares to raise another HK$800 billion, diluting original shareholders by about 3.8%. Alibaba’s Hong Kong shares fell more than 8% the same day, with market value dropping over HK$200 billion.

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