Alibaba crashes 10% after launching $10.2B share sale

BREAKING: Alibaba shares plunged 10% in Hong Kong after the company launched a $10.2 billion discounted share sale.
The offering is Alibaba's largest follow-on share sale since listing, with the proceeds earmarked for expanding AI infrastructure.
The company is already absorbing significant costs from the AI buildout, with quarterly net profit down 75% year over year.
Investors are now weighing the long-term potential of Alibaba's AI strategy against the immediate dilution and pressure on profitability.