[Alibaba Management Increases Holdings: Joe Tsai and Wu Yongming Each Acquire HK$80 Million and HK$40 Million Worth of Alibaba Shares] BlockBeats News, August 24 — According to the latest information from the Hong Kong Stock Exchange, following Alibaba's announcement of an HK$80 billion new share placement plan, Group Chairman Joe Tsai and CEO Wu Yongming increased their holdings of Alibaba shares by a combined total of approximately HK$120 million, signaling confidence in the company's AI strategy. It is reported that Joe Tsai purchased 720,000 shares of Alibaba's Hong Kong-listed stock at an average price of approximately HK$112 per share, spending around HK$80 million. CEO Wu Yongming acquired 350,000 shares at an average price of approximately HK$111.6 per share, costing around HK$40 million. Together, the two executives increased their holdings by a total of 1.07 million shares, with a combined value of approximately HK$120 million. The day prior, Alibaba announced an HK$80 billion new share placement, with all proceeds to be invested in full-stack AI capabilities and AI infrastructure development. Reports indicate that the placement was actively subscribed to by global sovereign wealth funds and other long-term investors, achieving nearly three times oversubscription. Market analysts believe that the management's decision to increase holdings personally the day after the placement announcement reflects strong confidence in the company's AI strategy.