Alibaba HK shares drop most in 16 months on share placement to fund AI development

Alibaba Holding

24/08/2026 03:04

** Hong Kong shares of Alibaba 9988.HK drop 10.1% to HK$110.6, on course for the biggest one-day pct decline since April 2025
** Stock hits the lowest level since July 30 
** Top pct loser in both the benchmark Hang Seng Index .HIS and Hang Seng TECH Index .HSTECH, which are down 1.9% and 3.2%, respectively
** Chinese e-commerce and cloud computing giant on Sunday launched an HK$80 billion ($10.2 billion) share placement to fund artificial intelligence-related developments
** Alibaba plans to place 710 mln new shares at HK$112.70 each, representing a 8.4% discount to Friday's close of HK$123 each
** YTD, Hong Kong stock down 22.5%, U.S.-listed shares BABA.N down 18.6%



 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))