Alibaba's Hong Kong Shares Drop 5% on Report of $5 Billion Convertible Bond Offering from hada labo hong kong 25 Watch Video
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⏲ Duration: 0:41 👁 View: 1.8M times ✓ Published: 24-May-2024
Description: Alibaba's shares on the Hong Kong stock exchange fell over 5% after a report that the company is considering selling $5 billion in convertible bonds. Bloomberg reported that Alibaba could launch the bond offering as early as this week to raise capital, citing anonymous sources. Alibaba's rival JD.com recently did a similar $1.75 billion convertible bond offering. Alibaba is trying to boost its core e-commerce business and capture more market share in artificial intelligence as the Chinese economy slows. The company has pledged more investments to \