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Alibaba shares plunge 11% after $10.2 billion share placement to fund AI expansion

Monday, August 24, 2026 - 13:35
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Alibaba shares plunge 11% after $10.2 billion share placement to fund AI expansion
Alibaba shares dropped 11% after announcing an HK$80 billion share placement to fund AI expansion. The company will issue 710 million shares below the previous closing price. Proceeds will enhance AI capabilities amid a 75% decline in quarterly net profit.

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