Premarket Movers | Chinese ADRs Drop as Alibaba Raises $10 Billion in Record Hong Kong Share Sale

TigerAug 24, 2026 8:08 AM

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Chinese ADRs dropped in premarket trading. Direxion Daily FTSE China Bull 3X Shares fell 5%; Alibaba fell 4%; NetEase, Li Auto, and Bilibili fell 3%; NIO, Baidu, PDD Holdings, and JD.com fell 2%.

Alibaba raised HK$80 billion ($10.2 billion) in Hong Kong’s biggest secondary share sale, underscoring its willingness to amass and spend vast sums to take the lead in global artificial intelligence.

The online retail giant-turned-AI player sold 710 million shares at HK$112.7 each, a discount to Friday’s Hong Kong close.

The capital-raising reflects Alibaba’s eagerness to outspend its Chinese rivals and move closer to the scale of outlays by US peers. The company has sold off assets and pledged to spend more than 380 billion yuan over three years on AI, from chips and data centers to large-language model development. Its flagship Qwen offering is now the world’s most popular model family.

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