Alibaba's Hong Kong shares drop 5% after report of possible $5 billion convertible bond sale

Group 1 - Alibaba's Hong Kong-listed shares fell over 5% following a report about the company considering selling convertible bonds to raise $5 billion [1] - The shares ended the trading day 5.24% lower, with a drop of more than 6% earlier in the day [1] - In premarket trading in New York, Alibaba's NYSE-listed shares were down 2.21% [1] Group 2 - Bloomberg reported that a bond offering could emerge as soon as this week, although CNBC could not independently confirm this [1] - Earlier in the week, JD.com announced a similar move with a $1.75 billion convertible senior note offering due in five years with a 0.25% coupon [1] Group 3 - Alibaba experienced a challenging 2023, including a significant corporate structure overhaul and an 86% decline in fourth-quarter net profit [2] - In February, the company announced an increase in its share buyback program by $25 billion to attract investors [2]