Chinese tech giant Alibaba Group said on Thursday it is seeking to raise around HK$12 billion ($1.53 billion) through exchangeable bonds to boost investments in cloud infrastructure and global commerce operations.
The bonds link to Alibaba Health Technology , the group said. Investors can later exchange these bonds for shares in Alibaba Health, and the bonds will not pay interest over time.
Alibaba Group holds more than 44% of Alibaba Health.
The debt sale follows Alibaba‘s $5 billion dual-currency bond in November, which was the largest deal of its kind in Asia-Pacific during 2024.
Thursday’s offering comes as more investors tap the Asian credit market after monetary and fiscal stimulus by Beijing policymakers improved the region’s debt appeal..
Hong Kong-listed shares of Alibaba Group closed 2.9% lower at HK$106.20 on Thursday, while Alibaba Health stock ended down 2.8%.
Reuters
