Investing.com -- Alibaba Group Holding Ltd. executives Joseph Tsai and Eddie Wu purchased approximately HK$120 million ($15.3 million) of company shares on Monday following a decline in the stock price after a capital raise announcement.

Chairman Joseph Tsai bought about HK$81 million worth of shares in Hong Kong, while Chief Executive Officer Eddie Wu acquired shares valued at around HK$39 million, according to company disclosure filings. The two executives together hold less than 2% of the company.

The share purchases came after Alibaba raised HK$80 billion from new shares on Monday to fund its artificial intelligence investments. The offering was priced at a 3.6% discount to Friday's closing price in the US and drew institutional investor demand for nearly three times the offering size, according to people familiar with the matter. Alibaba's Hong Kong-listed shares dropped 8.5%, marking the largest decline since early 2025.

The Hangzhou-based company ranks among China's largest spenders on artificial intelligence. Alibaba operates Qwen, described as the world's most popular AI model family, and the Qwen App chatbot, which provides services including shopping, navigation and payments.