Alibaba chair Joe Tsai buys another 720,000 Hong Kong shares on Tuesday

Investing.com -- Alibaba chairman Joe Tsai purchased 720,000 Hong Kong-listed shares of the company on Tuesday, according to a stock exchange filing. The purchase came two days after the Chinese e-commerce and cloud computing company launched an HK$80 billion ($10.2 billion) share sale to fund its artificial intelligence projects.

Tsai bought the shares at an average price of HK$113.47 ($14.48), for a total value of approximately HK$82 million.

Together with CEO Eddie Wu, Tsai has now purchased more than HK$200 million worth of shares over the past two days.

State-backed Chinese media STAR Market Daily reported Tuesday that Alibaba founder Jack Ma has increased his holdings of the company's Hong Kong-listed shares by more than HK$600 million, citing unnamed sources. The report described the move as a vote of confidence in the company's artificial intelligence prospects.

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