Alibaba has completed an HKD80 billion new share placement, marking both its first equity placing since its secondary listing in Hong Kong in 2019 and the largest placing to date in the city’s stock market.
Fangda Partners, Simpson Thacher, Haiwen & Partners and Linklaters advised on the transaction. Alibaba announced completion of the placement on 26 August 2026.
Under the placement, Alibaba issued 710 million new ordinary shares at HKD112.70 each.
The net proceeds will be used to invest in its full-stack AI capabilities, including the expansion of global computing infrastructure, the accelerated buildout of hyperscale AI data centres, and upgrades to traditional cloud infrastructure covering storage, databases and high-performance networking.
Fangda and Simpson Thacher advised Alibaba. Fangda acted as PRC legal counsel, with partners Jeffrey Ding, Travis Xu and Cassie Chang leading the team. Simpson Thacher’s team was led by Christopher Wong, partner and head of the firm’s China practice, and partner Gao Yi.
Reuters said Morgan Stanley, HSBC, UBS and CICC acted as joint bookrunners for the placement. Haiwen and Linklaters advised the underwriters.
Linklaters acted as international counsel to the joint placing agents and joint bookrunners, with a team led by capital markets partners Oliver Zhong and Christian Felton; Christine Xu, partner and head of Greater China equity capital markets; and corporate partner Queenie Tong. Litigation, arbitration and investigations partner Michael Lamson provided support on international trade matters.
Alibaba’s announcement said the placement was made only to non-US persons outside the United States.
