Alibaba Group Holding is selling up to US$5 billion worth of convertible bonds to fund its share buy-backs, as leaders of the Chinese tech giant declared e-commerce and cloud computing as its core businesses in a move “towards strategic clarity”.
The Hangzhou-based firm, which owns the South China Morning Post, said it expects to raise close to US$4.5 billion from initial sales, while giving purchasers the option to buy up to an additional US$500 million of notes, according to filings made to the Hong Kong and New York stock exchanges on Friday and Thursday.
Source: TRADE FINANCE
