Chinese tech giant Alibaba Group BABA 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 241, 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鈥檚 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%.
($1 = 7.8496 Hong Kong dollars)