BABA-W (09988) plans to issue approximately $3.2 billion interest-free convertible preferred notes.

BABA-W (09988) announced its intention to issue approximately $3.2 billion in principal amount of zero-coupon convertible senior notes due in 2032. The notes issuance will be conducted through offshore transactions to certain non-U.S. persons under Regulation S of the U.S. Securities Act, subject to market and other conditions. Alibaba Group will use the net proceeds from the notes issuance for general corporate purposes, with a strategic focus on enhancing the company's cloud infrastructure capabilities and expanding its international commercial operations. Specifically, around 80% will be allocated to enhancing cloud infrastructure, including expanding data centers, upgrading technology, and optimizing services to meet growing demand. The remaining 20% will be used for the expansion of international commercial operations, with a focus on operational investments to enhance the company's market position and efficiency.