Alibaba's shares on the Hong Kong stock exchange fell over 5% after a report that the company is considering selling $5 billion in convertible bonds. Bloomberg reported that Alibaba could launch the bond offering as early as this week to raise capital, citing anonymous sources. Alibaba's rival JD.com recently did a similar $1.75 billion convertible bond offering. Alibaba is trying to boost its core e-commerce business and capture more market share in artificial intelligence as the Chinese economy slows. The company has pledged more investments to "reignite" growth after a challenging 2023 with a corporate overhaul.
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00:00It's Benzinga and here's what's on the block.
00:30As the Chinese economy slows, the company has pledged more investments to reignite growth
00:34after a challenging 2023 with a corporate overhaul. For all things money visit Benzinga.com