HONG KONG, Aug. 25 -- Whoever owned Alibaba on Friday afternoon is paying for its artificial intelligence build, and on Monday morning Hong Kong told them what it cost.

The company priced 710 million new ordinary shares at HK$112.70 apiece over the weekend, raising HK$80 billion, roughly $10.2 billion. Every one of those shares dilutes somebody who was already there. The stock opened Monday and fell more than 10 per cent.

It is the largest primary follow-on offering a Hong Kong-listed company has ever done, and the third largest anywhere this year, behind Alphabet and Intel. But the size is not the interesting part. The interesting part is in the filing, where Alibaba commits 100 per cent of the net proceeds to what it calls full stack ...