英语新闻丨阿里巴巴寻求800亿港元配股融资

Alibaba Group is seeking to raise about HK$80 billion ($10.2 billion) through a new share placement in Hong Kong, which, if completed, would become the world's third-largest primary follow-on offering this year, behind only those placed by Alphabet and Intel.

阿里巴巴集团正寻求通过在香港进行新股配售筹集约800亿港元（约合102亿美元）。若顺利完成，这将成为今年全球第三大主要增发融资，仅次于Alphabet和英特尔。

The placement, announced on Sunday, would mark Alibaba's first new share sale since its Hong Kong listing in 2019. More striking is where every dollar raised is headed — the company plans to use 100 percent of its net proceeds to strengthen its artificial intelligence capabilities, including expanding and upgrading AI infrastructure.
此次配售于8月23日宣布，将是阿里巴巴自2019年在香港上市以来首次增发新股。更引人注目的是募资的用途——公司计划将所得净额全部用于强化人工智能能力，包括扩建和升级AI基础设施。

Several sources close to the matter told China Daily that the offering was oversubscribed within an hour of its launch. One source close to the company disclosed that sovereign wealth funds and some long-term institutional investors showed keen interest.
多位知情人士对《中国日报》表示，此次配售在启动后一小时内即获得超额认购。一位接近公司的消息人士透露，主权财富基金和一些长期机构投资者表现出浓厚兴趣。

Right after the move, Alibaba's Chairman Cai Chongxin and CEO Wu Yongming bought a combined about HK$120 million of Alibaba shares.
配售完成后不久，阿里巴巴董事长蔡崇信和首席执行官吴泳铭合计购入约1.2亿港元的阿里巴巴股票。

Guo Tao, deputy director of China Electronic Commerce Expert Service Center, said: "Alibaba's placement also has benchmark significance for China's AI industry. Alibaba's continued expansion in AI capital spending could accelerate development across China's domestic AI supply chain, from AI chip adaptation and intelligent computing centers to liquid-cooling systems."
中国电子商务专家服务中心副主任郭涛表示：“阿里巴巴的配售对中国AI行业也具有标杆意义。阿里巴巴在AI资本支出方面的持续扩张，可能会加速中国国内AI供应链的发展，从AI芯片适配、智能计算中心到液冷系统等各个环节。”

As the AI race shifts from a technology contest into a "capital endurance race", raising equity gives Alibaba longer-term funding while sending a vote of confidence through the broader sector, Guo said.
郭涛表示，随着AI竞赛从技术较量演变为“资本耐力赛”，股权融资为阿里巴巴提供了更长期的资金支持，同时也向整个行业传递了信心。

The aggressive spending comes as AI emerges as an increasingly important growth engine for Alibaba.
在积极投入的同时，AI正日益成为阿里巴巴越来越重要的增长引擎。

The company reported revenue of 268.95 billion yuan ($37.5 billion) for its fiscal first quarter ended June 30, with net profit attributable to shareholders of 10.54 billion yuan.
公司截至6月30日的第一财季营收为2689.5亿元人民币（约合375亿美元），归属于股东的净利润为105.4亿元人民币。

Alibaba CEO Wu Yongming told analysts after the earnings release that annualized recurring revenue from AI-related products was expected to approach $10 billion in the next quarter. AI-related product ARR had already surpassed 49.5 billion yuan in the first quarter, Wu said.
阿里巴巴首席执行官吴泳铭在财报发布后对分析师表示，AI相关产品的年化经常性收入预计将在下一季度接近100亿美元。吴泳铭称，AI相关产品ARR在第一季度已超过495亿元人民币。

Jiang Han, a senior researcher at market consultancy Pangoal, said: "Alibaba's organizational restructuring was effectively designed to build a vertically integrated, full-stack AI operation, lowering transaction costs and speeding the deployment of new technologies. The improvement in commercialization returns mentioned by Wu is a direct monetization of that full-stack capability." Jiang added that Alibaba's AI investment was beginning to move from simply "burning cash" toward generating its own financial returns.
市场咨询机构盘古智库高级研究员江瀚表示：“阿里巴巴的组织架构调整实质上是为了构建一个垂直整合的全栈式AI运营体系，以降低交易成本、加速新技术部署。吴泳铭提到的商业化回报改善，正是这种全栈能力的直接变现。”江瀚补充说，阿里巴巴的AI投资正开始从单纯的“烧钱”转向产生自身的财务回报。

Alibaba's fundraising also comes as the AI sector's capital requirements are ballooning globally, pushing companies to seek ever larger pools of financing.
阿里巴巴的融资也正值全球AI领域资本需求急剧膨胀之际，这促使各家公司寻求更大规模的融资。

Anthropic confidentially filed for a United States' initial public offering in June and could list as early as October, with a targeted valuation of as much as $2 trillion. OpenAI is also targeting a potential fourth-quarter listing, while its valuation in private markets stands at around $850 billion.
Anthropic已于6月秘密向美国提交首次公开募股申请，最早可能于10月上市，目标估值高达2万亿美元。OpenAI也计划在第四季度可能上市，其在私募市场的估值约为8500亿美元。

Alibaba's HK$80 billion placement puts China's largest tech firms squarely into that global capital race. But raising more money does not remove the biggest uncertainty hanging over the AI boom — whether commercial returns can keep pace with the extraordinary amount of investment.
阿里巴巴800亿港元的配售将中国最大的科技公司直接推入了这场全球资本竞赛。然而，筹集更多资金并不能消除AI热潮中最大的不确定性——商业回报能否跟得上巨大的投资规模。

Investors are already showing some caution. Alibaba's US-listed shares closed at $119.34 on Monday, down 8.57 percent, while its Hong Kong-listed shares ended at HK$112, down 8.54 percent.
投资者已表现出一定程度的谨慎。阿里巴巴美股周一收于119.34美元，下跌8.57%；港股收于112港元，下跌8.54%。

"The biggest risk investors need to watch is not that AI fails, but that the pace of AI commercialization fails to keep up with capital spending. In the end, this competition will not be about who spends the most. It will be about who can make returns on AI investment exceed the cost of capital first," Jiang added.
“投资者需要关注的最大风险不是AI失败，而是AI商业化的速度跟不上资本支出。最终，这场竞争不是看谁花得最多，而是看谁能率先让AI投资回报超过资本成本，”江瀚补充道。

net proceeds /net ˈprəʊsiːdz/净所得

oversubscribed /ˌəʊvəsəbˈskraɪbd/超额认购

sovereign wealth funds /ˈsɒvrɪn welθ fʌndz/主权财富基金

benchmark significance /ˈbentʃmɑːk sɪɡˈnɪfɪkəns/标杆意义

supply chain /səˈplaɪ tʃeɪn/供应链

liquid-cooling systems /ˈlɪkwɪd ˈkuːlɪŋ ˈsɪstəmz/液冷系统

capital endurance race /ˈkæpɪtəl ɪnˈdjʊərəns reɪs/资本耐力赛

aggressive spending /əˈɡresɪv ˈspendɪŋ/积极投入