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Alibaba Shares Slide After $10.2 Billion AI Share Sale at Sharp Discount

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Alibaba shares fell sharply in Hong Kong after the company launched a $10.2 billion share sale at a significant discount to fund its expanding artificial intelligence strategy.

The Chinese technology group said it will sell HK$80 billion worth of new shares at HK$112.70 each, representing an 8.4% discount to the previous closing price. The offering will increase Alibaba’s outstanding share count by about 3.6%, raising concerns over dilution.

The proceeds will be used to finance AI chips, infrastructure and model development, as Alibaba shifts more capital toward its Qwen AI ecosystem and cloud computing business.

Despite the selloff, investor demand for the offering was strong, with reported orders totaling around $28 billion. Sovereign wealth funds and long-term institutional investors accounted for a significant portion of demand.

Alibaba Chairman Joe Tsai and CEO Eddie Wu also bought shares following the placement, signaling confidence in the company’s long-term strategy.

The fundraising comes shortly after Alibaba reported a steep decline in quarterly profit, largely due to heavy AI-related spending. Management has argued that these investments could break even within roughly three years as margins improve and proprietary chips reduce reliance on third-party hardware.

The offering is the largest follow-on share sale ever completed by a Hong Kong-listed company and underscores how aggressively global technology companies are raising capital to fund the AI infrastructure race.

Apple Brings Alibaba’s Qwen AI to Mac Users in China

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Apple has published a guide allowing eligible Mac users in mainland China to connect Alibaba’s Qwen AI service with Siri and Writing Tools.

The integration will enable users to access more detailed Siri responses, analyze photos and documents, and generate text or images. It will be available on Macs running macOS 26.6 or later, with users required to activate the extension and sign in to a Qwen account.

The move gives Apple a locally compliant AI option as it competes with Lenovo and Huawei in China’s growing AI PC market.

Huawei’s AI Lab Denies Copying Alibaba’s Qwen Model Amid Copyright Claims

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Huawei’s AI research division, Noah Ark Lab, has denied allegations that its Pangu Pro Moe (Mixture of Experts) large language model copied from Alibaba’s Qwen 2.5 14B model. The lab insisted on Saturday that Pangu Pro was independently developed and trained, refuting claims made in a report by an entity named HonestAGI.

HonestAGI published a paper on GitHub claiming “extraordinary correlation” between Huawei’s Pangu Pro Moe and Alibaba’s Qwen model, suggesting that Huawei’s model might have been “upcycled” rather than trained from scratch. The report also raised concerns about potential copyright violations and false claims regarding Huawei’s investment in the model’s training.

In response, Noah Ark Lab stated that their model is not based on incremental training from other manufacturers’ models but instead includes key innovations in architecture and technical features. They highlighted that Pangu Pro is the first large-scale model built entirely on Huawei’s Ascend chips and confirmed adherence to open-source licensing rules for any third-party code used—though they did not specify which open-source models influenced their work.

Alibaba has yet to comment on the allegations, and the identity of HonestAGI remains unknown. The controversy comes amid rising competition in China’s AI sector, which has been accelerated by the release of open-source models like DeepSeek’s R1 and Alibaba’s Qwen family, designed for consumer and chatbot applications. In contrast, Huawei’s Pangu models are primarily applied in government, finance, and manufacturing sectors.