Zhi Tong Cai Jing·2025-09-17 05:52Core Viewpoint - Alibaba-W (09988) shares rose nearly 4%, closing at HKD 159.5 with a trading volume of HKD 8.13 billion, following the announcement of a USD 3.2 billion zero-coupon convertible senior note issuance due in 2032, aimed at enhancing cloud infrastructure and international business operations [1] Group 1: Financial Performance - Alibaba Cloud reported a significant year-on-year revenue increase of 26% to CNY 33.398 billion, marking a three-year high [1] - AI-related product revenue has seen triple-digit year-on-year growth for eight consecutive quarters, now accounting for over 20% of external commercialization revenue [1] - Capital expenditure in the AI and cloud sector reached a historical high of CNY 38.6 billion during the reporting period, with over CNY 100 billion invested in AI infrastructure and product development over the past four quarters [1] Group 2: Strategic Focus - The net proceeds from the note issuance will be used for general corporate purposes, with a strategic emphasis on enhancing cloud infrastructure capabilities and international business operations [1] - The acceleration of cloud business growth indicates steady progress in the commercialization of AI, with significant infrastructure investments reinforcing the company's technological moat [1] - Leading firms are increasingly demonstrating advantages in both computing power resources and productization capabilities [1]