On the morning of September 12, 2025, Alibaba's shares, which are listed on the Hong Kong Stock Exchange, commenced trading with a gain of over 5%. This was followed by a steady upward trajectory, with the stock price soaring by more than 6% to hit HK$152.6 per share. This surge propelled the stock to a level not seen since November 2021, setting a new high. Meanwhile, in the U.S. stock market overnight, Alibaba's stock also experienced a remarkable 8% increase. Previously, Alibaba had made public its intention to issue zero-coupon convertible bonds worth $3.2 billion. Around 80% of the proceeds from this bond issuance are slated to be channeled into fortifying its cloud computing infrastructure. This includes initiatives such as expanding data centers, upgrading technological capabilities, and refining services to better cater to the burgeoning demands associated with artificial intelligence (AI). The remaining portion of the funds will be allocated towards expanding its international e-commerce operations.