Jack Ma, co-founder of Alibaba, purchased over HK$600 million worth of company shares over several trading days, joined by chairman Joe Tsai (approximately HK$162 million) and CEO Eddie Wu (approximately HK$40 million). This buying spree follows Alibaba’s announcement of a 710 million share placement at HK$112.70 each, raising approximately HK$80 billion ($10.2 billion) earmarked entirely for AI development. Demand for the placement reached approximately $28 billion, representing a threefold oversubscription. The stock dropped 8.4% following the announcement, creating a buying opportunity for insiders. Alibaba has committed to investing at least 380 billion yuan (over $50 billion) in cloud services and AI infrastructure.
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