Based on data from the Hong Kong Stock Exchange, following Alibaba’s recent announcement of a new share placement initiative totaling HK$80 billion, the company’s chairman Joe Tsai and CEO Wu Yongming have significantly increased their stakes in the company. Collectively, they have acquired shares worth approximately HK$120 million, underscoring their confidence in Alibaba’s artificial intelligence (AI) strategy.

Specifically, Joe Tsai purchased 720,000 shares at an average price of approximately HK$112 each, amounting to a total investment of about HK$80 million. Meanwhile, Wu Yongming acquired 350,000 shares at an average price of around HK$111.6 each, with his total investment reaching approximately HK$40 million. In total, their combined share purchases have added 1.07 million shares to their holdings.

Previously, Alibaba had stated that all proceeds from the new share placement would be earmarked for advancing its full-stack AI capabilities and the development of AI infrastructure.