Alibaba chair buys another 720,000 company HK shares

Alibaba Chairman Joe Tsai has further demonstrated his confidence in the company by purchasing another 720,000 Hong Kong-listed shares on Tuesday. This move comes just two days after the Chinese e-commerce and cloud computing giant initiated a heavily discounted share sale valued at HK$80 billion (approximately $10.2 billion), intended to finance its artificial intelligence ambitions.

Tsai acquired the shares at an average price of HK$113.47 ($14.48) each, amounting to a total investment of approximately HK$82 million, according to a filing with the stock exchange. This latest transaction adds to a significant aggregate investment by Tsai and CEO Eddie Wu, who have collectively purchased over HK$200 million worth of shares in the past two days.

Adding to the display of confidence, Alibaba founder Jack Ma has reportedly increased his holdings in the company's Hong Kong-listed shares by more than HK$600 million. This information, citing unnamed sources, was published by the state-backed Chinese media outlet STAR Market Daily on Tuesday. The purchases by key figures are widely interpreted as a strong vote of confidence in Alibaba's future, particularly its strategic focus on AI development.