Alibaba Group Holding Limited (NYSE:BABA) (OTC:BABAF) announced the pricing of HK$12.023 billion ($1.5 billion) in zero-coupon exchangeable bonds due 2032, marking the Chinese e-commerce giant’s latest move to fuel its artificial intelligence and cloud expansion strategy.
What Happened: The bonds, priced on Thursday, are exchangeable for shares of Alibaba Health Information Technology Limited (OTC:ALBBY), a consolidated subsidiary where Alibaba holds approximately 64% equity interest. The offering is expected to close July 9, subject to customary closing conditions.
