Alibaba Chairman Joe Tsai buys another 720,000 company shares
Alibaba Chairman Joe Tsai on Tuesday bought another 720,000 shares in the company listed on the Hong Kong Stock Exchange. According to a stock exchange filing, the average purchase price was HK$113.47 per share, and the total value of the transaction was about HK$82 million.
Management purchases
As Channel NewsAsia reports, citing Reuters, Joe Tsai and Alibaba CEO Eddie Wu have collectively bought more than HK$200 million worth of the company’s shares over the past two days.
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Tsai made the new purchase two days after Alibaba launched an HK$80 billion share offering. The Chinese e-commerce and cloud computing company offered shares at a significant discount to finance its artificial intelligence plans.
Reports on Jack Ma’s holdings
Chinese state-backed media outlet STAR Market Daily, citing unnamed sources, reported that Alibaba founder Jack Ma increased his holdings of the company’s Hong Kong-listed shares by more than HK$600 million. The report described this as a demonstration of confidence in Alibaba’s prospects in artificial intelligence.
