Alibaba's Jack Ma and CEO Add $15.6 Million to AI Strategy Through Share Buybacks

Huoxing Finance reports that on August 25, according to HKEX filings, Alibaba Group Chairman Joe Tsai purchased an additional 720,000 Alibaba shares on Tuesday for HK$82 million, following his initial purchase of 720,000 shares. Following Alibaba’s announcement of a HK$80 billion new share placement, Chairman Joe Tsai and CEO Eddie Wu jointly increased their holdings by approximately HK$120 million in Alibaba stock, signaling confidence in the company’s AI strategy. CEO Eddie Wu bought 350,000 Alibaba Hong Kong shares at an average price of approximately HK$111.6, spending about HK$40 million. Together, the two increased their holdings by 1.07 million shares, totaling approximately HK$120 million. The proceeds from Alibaba’s HK$80 billion new share placement will be fully allocated to building end-to-end AI capabilities and AI infrastructure. The placement received strong demand from long-term investors, including global sovereign wealth funds, resulting in nearly threefold oversubscription.