智通财经网·2025-09-11 06:11Core Viewpoint - Alibaba-W (09988, BABA.US) plans to issue $3.2 billion zero-coupon convertible bonds, reflecting confidence in its future prospects, with funds primarily allocated for cloud computing and international business [1] Group 1: Financial Strategy - The issuance of convertible bonds is expected to lower the cost of capital compared to existing cash reserves [1] - Jefferies sets a target price of HKD 172 for Alibaba and USD 178 for its U.S. shares [1] Group 2: Business Growth - Jefferies estimates that the dilution impact on Alibaba's market capitalization will be limited due to its size [1] - The cloud computing business is anticipated to maintain rapid growth driven by AI demand, while the pop-up store business is expected to release synergies as user experience improves [1]