On August 24, Alibaba declined 3.22% overnight, trading at $115.9/share, with turnover of $5.0367 million.

On the news front, Alibaba announced a placement of 710 million new shares at HK$112.70 per share, raising approximately HK$80 billion — the largest share placement in Hong Kong stock market history. The placement price represents a discount of roughly 3.6% to 9% versus the prior closing price, with new shares accounting for approximately 3.57% of the enlarged share capital, creating dilution pressure on existing shareholders. All net proceeds will be directed entirely toward full-stack AI infrastructure investment.

Simultaneously, renowned investor Michael Burry, known as the Big Short, publicly expressed a bearish stance on Alibaba, arguing its valuation is excessive and that return on invested capital will continue to deteriorate, stating he will not re-establish any position. The dual impact of equity dilution from the massive placement and high-profile bearish commentary weighed on sentiment. Notably, the placement was reportedly oversubscribed within one hour of launch, with strong demand from sovereign wealth funds and long-only investors.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)