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MiniMax plans to spend up to US$300 million on Alibaba Cloud services in 2025, up from US$115 million.

Jack Ma bought over HK$600 million in Alibaba shares amid its AI push.

Filings showed Tsai bought about HK$81 million (US$10.3 million) worth of shares in Hong Kong, while Wu bought about HK$39 million (US$4.97 million).

The company said the funding will go to hardware and software R&D, physical AI training, smart manufacturing infrastructure, and global expansion.

Alibaba will issue 710 million new shares at HK$112.70 (US$14) each, below the August 21 closing price of HK$123 (US$16).

Alibaba’s capital expenditure rose 75% year on year to 67.7 billion yuan.

The Chinese tech company said revenue from AI cloud and compute services rose 45% to 48.4 billion yuan (US$7.2 billion).

Alibaba is China’s largest ecommerce company, but it has lost some of its edge to nimbler rivals.

Alibaba Cloud said Qwen, its AI model family, was adopted by more than 90,000 enterprises in its first year.

Mapping China’s ecommerce sector: Key players, top investors, and funding insights in one report.