According to CoinMeta, Alibaba (09988.hk) announced on August 24 that it had completed the pricing of a new share placement of HK$80 billion (about $10.2 billion). The net proceeds from the placement will be 100% used to invest in full-stack AI capabilities and to strengthen the construction of AI infrastructure. Sources close to the transaction said that this placement received nearly three times over-subscription, exceeding HK$20 billion, with sovereign and long-term funds ultimately subscribing for more than 40%. Major sovereign funds from regions such as the Middle East, Europe, and Asia actively participated in this subscription.