On August 24, Alibaba (09988.HK) unveiled the pricing for its new share placement, raising HKD 80 billion (roughly USD 10.2 billion), with all funds earmarked for investments in comprehensive AI capabilities and the enhancement of AI infrastructure. Insiders familiar with the transaction reported that the placement attracted nearly three times the intended subscription, with total subscription amounts surpassing HKD 200 billion. The final proportion of subscriptions from sovereign and long-term funds exceeded 40%, reflecting the high quality of the orders received. Alibaba’s well-defined investment and return strategy in the AI sector has garnered the confidence of global long-term investors. Prominent sovereign funds from the Middle East, Europe, Asia, and other regions actively took part in the subscription process.