Alibaba Group Holding founder Jack Ma has bought more than HK$600 million worth of the company’s Hong Kong-listed shares on consecutive days, according to people familiar with the matter, a show of confidence in the firm’s long-term prospects for artificial intelligence.
The purchases showed Ma’s “strong confidence for Alibaba to realise its AI ambitions and capture the long-term growth opportunities ahead”, one source said.
Meanwhile, Alibaba chairman Joe Tsai and CEO Eddie Wu Yongming spent a cumulative HK$202 million acquiring shares over the past two days, according to Hong Kong stock market filings.
Tsai bought about HK$82 million in shares on Tuesday, following an HK$80 million purchase on Monday – the same day Wu chipped in roughly HK$40 million.
The personal investments came after a new share issuance announced by the company on Sunday, one of the biggest fundraising efforts by a Chinese firm dedicated to AI development.
Alibaba, which owns the South China Morning Post, did not immediately respond to a request for comment on Tuesday.
Alibaba shares gained 1.5 per cent to close at HK$114.20 in Hong Kong on Tuesday.
