Alibaba is working in Suqian Metropolis, Jiangsu Province, China, on December 29, 2023.
Costfoto | Nurphoto | Getty Photos
Hong Kong-listed shares of Alibaba fell over 5% Thursday following a report that the Chinese language tech large is contemplating promoting convertible bonds to boost $5 billion.
Shares ended the buying and selling day 5.24% decrease, after falling greater than 6% earlier following the Bloomberg report.
In premarket buying and selling in New York, Alibaba’s NYSE-listed shares had been down 2.21% at 04:51 a.m. ET.
Bloomberg, citing nameless sources, stated a bond providing might emerge as quickly as this week.
CNBC couldn’t independently affirm the report, and Alibaba didn’t instantly reply to a request for remark.
Earlier this week, Chinese language e-commerce rival JD.com took an identical step with a $1.75 billion convertible senior word providing due in 5 years with a 0.25% coupon.
Alibaba weathered a stormy 2023 that included an expansive company construction overhaul and culminated in an 86% tumble in fourth-quarter internet revenue.
In a bid to attract buyers on the aspect, the corporate in February introduced it was bolstering the dimensions of its share buyback program by $25 billion.
This breaking information story is being up to date.
— CNBC’s Arjun Kharpal contributed to this report
