New Delhi, Aug. 23 -- Alibaba Group Holding, on Snday (23 August), reportedly launched a Rs.95,000 crore (US$10.2 billion) new share issue in Hong Kong, with the entire proceeds earmarked for expanding its artificial intelligence capabilities. It would rank as the world's third-largest primary follow-on share sale this year after offerings from Alphabet and Intel.

The Chinese technology giant said on Sunday (23 August) that it would issue shares worth HK$80 billion ( Rs.95,000 crore; US$10.2 billion) as it seeks to strengthen its position in the global AI race.

Alibaba Group said the funds would be used to "extend the company's global AI leadership" and "invest in its full-stack AI capabilities", including expanding and enhancing AI inf...