Alibaba chair buys another 720,000 company HK shares

Alibaba chairman Joe Tsai purchased another 720,000 Hong Kong-listed shares of the company on Tuesday, two days after the Chinese e-commerce and cloud computing giant launched a heavily discounted HK$80-billion share sale to fund its AI ambitions.

Tsai bought the stocks at an average price of HK$113.47 for a total of approximately HK$82 million, a stock exchange filing showed.

With this purchase, Tsai and chief executive Eddie Wu have purchased in aggregate over HK$200 million worth of shares over the past two days.

Alibaba founder Jack Ma Yun has increased his holdings of the company's Hong Kong-listed shares by more than HK$600 million as a vote of confidence in the company's AI prospects, state-backed Chinese media STAR Market Daily reported on Tuesday, citing unnamed sources.

Reuters

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