Alibaba (9988)’s chairman, Joe Tsai Chung-hsin, and chief executive, Eddie Wu Yongming, together purchased more than 1 million of the company’s H shares for a total of HK$120 million on Monday, after the company said it will launch a HK$80 billion share sale for AI development.
Alibaba’s shares fell 8.5 percent as the worst-performing blue-chip at market close on Monday.
Hong Kong Stock Exchange equity disclosure data on Monday showed that Tsai purchased about 72,000 shares for approximately HK$80.7 million at an average price of HK$112.0803, bringing his shareholdings to 1.43 percent.
Meanwhile, Wu purchased 35,000 shares for approximately HK$39.07 million at an average price of HK$111.6359. His shareholding stands at 0.29 percent.
