Alibaba set to open down 8% in Hong Kong after $10.2 billion share placement plan

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SHANGHAI, Aug 24 : Hong Kong-listed shares of Alibaba are set to open 8 per cent lower on Monday after the Chinese e-commerce and cloud computing giant launched a $10.2 billion share placement to fund AI development.

Alibaba said on Monday said it has priced its HK$80 billion ($10.21 billion) share placement at HK$112.70 apiece, in an offering aimed at funding artificial intelligence-related development.

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