News Summary

• Chinese tech giant Alibaba said on Sunday that it plans to issue HK$80 billion ($10.2 billion) in new shares in Hong Kong to fund its global artificial intelligence ambitions.
• The Hangzhou-based firm has been ploughing tens of billions of dollars into AI, with its shareholders eager to see how it will monetise the huge investments.
• The firm is known for its open-source “Qwen” AI models, which have gained popularity with developers worldwide.
• The company intends to use all of the net proceeds to invest in its “full stack AI capabilities, including to expand and enhance its AI infrastructure”, it said.