Alibaba Group has announced the pricing of a HK$80 billion share placement as it boosts spending on artificial intelligence and cloud infrastructure development. The Chinese tech giant will issue 710 million new ordinary shares at HK$112.70 each. Based on current exchange rates, the total value of the offering is approximately US$10.2 billion. The company expects the deal to close on Aug. 26, subject to standard closing conditions. The raised funds are earmarked for investments in its AI operations.