Alibaba's HK shares drop 5.24% amid reports of $5B convertible bond offering for share repurchases and growth.
Alibaba's Hong Kong-listed shares dropped 5.24% after reports emerged that the Chinese tech giant is considering selling convertible bonds worth $5 billion. The potential bond offering could emerge as soon as this week, according to unnamed sources cited by Bloomberg. Alibaba aims to use the funds for share repurchases and growth amid a Chinese authorities' crackdown on the sector and internal turmoil.
May 23, 2024
8 Articles