HONG KONG: Alibaba shares fell sharply on August 24 after the Chinese e-commerce and cloud computing company launched a US$10.2 billion share sale at a steep discount to finance its growing investment in artificial intelligence.
Alibaba said it would sell HK$80 billion ($10.2 billion) of new shares at HK$112.70 each, an 8.4 percent discount to the closing price on August 21. The proceeds will fund chips, AI infr