Alibaba Shares Drop Amid $4.5B Convertible Bond Offering
TL;DR Summary
Alibaba's Hong Kong-listed shares dropped over 5% following reports of a potential $5 billion convertible bond sale, later confirmed at $4.5 billion. The proceeds will be used to repurchase American depositary shares. This move follows a challenging year for Alibaba, marked by a significant profit decline and corporate restructuring. The company aims to boost its core e-commerce sector and expand in AI and cloud services.
Topics:business#alibaba#business#chinese-economy#convertible-bonds#hong-kong-stock-exchange#share-buyback
- Alibaba's Hong Kong shares drop 5% after report of possible $5 billion convertible bond sale CNBC
- Alibaba Is Considering Convertible Bond Sale, Following JD.com Yahoo Finance
- Alibaba Considering $5 Billion Convertible Bond Sales to Fund Buybacks, Growth Bloomberg
- What's Going On With Alibaba Stock On Thursday? - Alibaba Gr Holding (NYSE:BABA) Benzinga
- Alibaba Group confirms $4.5B convertible bond offering, following similar move by JD.com Seeking Alpha
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