SHANGHAI, Aug 24 (Reuters) – Hong Kong-listed shares of Alibaba are set to open 8% lower on Monday after the Chinese e-commerce and cloud computing giant launched a $10.2 billion share placement to fund AI development.
Alibaba said on Monday said it has priced its HK$80 billion ($10.21 billion) share placement at HK$112.70 apiece, in an offering aimed at funding artificial intelligence-related development.
(Reporting by Shanghai and Hong Kong Newsroom; Editing by Christian Schmollinger)
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