According to CoinMeta, Alibaba (09988.HK) announced on Sunday that it plans to issue new shares in Hong Kong, with a total placement amount of HK$80 billion (about $10.2 billion). This placement will become the largest initial public offering (IPO) follow-on in the history of Hong Kong-listed companies and also the largest Regulation S stock issuance on record. At the same time, it is also the third-largest IPO follow-on globally this year, following Alphabet and Intel. Alibaba stated that it plans to use 100% of the net proceeds from this placement to invest in its full-stack artificial intelligence capabilities, including expanding and upgrading its artificial intelligence infrastructure.