Alibaba's Hong Kong shares drop 5% after report of possible $5 billion convertible bond sale
Publishing timestamp: 2024-05-23 10:15:26
Summary
Alibaba's Hong Kong-listed shares fell over 5% after reports of considering selling convertible bonds to raise $5 billion. The company later confirmed plans to sell $4.5 billion worth of convertible bonds to buy back some of its American depositary shares. The move comes after a challenging 2023 for Alibaba, but early signs of growth in the March quarter are promising. The company also aims to expand in e-commerce, artificial intelligence, and cloud services.
Sentiment: MIXED
Tickers: BABA,
Keywords: new york, london, alibaba group holding ltd, technology, markets, breaking news: technology, breaking news: markets, business news,