On September 11, Alibaba made an announcement on the Hong Kong Stock Exchange, revealing its intention to issue zero-coupon convertible senior notes. These notes come with a cumulative principal value of approximately US$3.2 billion and are set to mature in 2032. In compliance with Regulation S of the U.S. Securities Act, the issuance of these notes will take place offshore, exclusively targeting non-U.S. individuals, and will hinge on prevailing market conditions as well as other relevant factors.

The net proceeds generated from this offering will be earmarked for general corporate use, with a particular strategic emphasis on bolstering cloud infrastructure capabilities and broadening the scope of international commercial business operations. Specifically, around 80% of the raised funds will be channeled into fortifying cloud infrastructure. This includes expanding the capacity of data centers, implementing technological upgrades, and refining service offerings. The remaining 20% of the funds will be dedicated to fueling the expansion of international commercial operations.