Alibaba’s record stock sale adds to Hong Kong tech flood

Alibaba raised HK$80 billion (US$10.2 billion) in a record Hong Kong secondary stock sale as the e-commerce giant pours money into artificial intelligence (AI). Shares were priced at HK$112.70 apiece, an 8.4 per cent discount to Friday’s close, according to a Hong Kong stock exchange filing. The Hangzhou-based company, which owns the South China Morning Post, closed at HK$112.50 on Monday. All of the sale proceeds will support Alibaba’s AI drive, with the company planning to spend more than 380…

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