智通财经APP获悉，富瑞发布研报称，阿里巴巴-W(09988,BABA.US)公布拟发行32亿美元零息可换股债 券，反映其对前景信心，集资主要用于云端运算及国际商务业务。相较现有现金储备，发行可转换债券 可降低资金成本。其对阿里巴巴的目标价为172港元，美股目标价为178美元。基于阿里巴巴的市值规 模，富瑞估计摊薄影响有限。如近期报告所述，云端运算业务在AI需求驱动下预期维持高速增长，而 快闪店业务将随着用户体验提升释放协同效应。 ...

Group 1 - The company, Yili Holdings, announced a financing plan through the issuance of zero-coupon convertible bonds totaling HKD 19,950,000 (approximately HKD 20 million) [1] - The initial conversion price of the bonds is set at HKD 0.25, representing a premium of about 2.4% over the closing price of HKD 0.244 on July 17, 2025 [1] - Upon full conversion, the bonds will result in the issuance of 79,800,000 shares (approximately 8 million shares), which will account for about 18.4% of the existing issued share capital and approximately 15.6% of the enlarged share capital [1] Group 2 - The proceeds from the financing will be used for the development of Web 3.0 projects, with approximately HKD 20 million allocated for this purpose [1] - Yili Holdings' main business includes investment holding, global sales of graphite products, manufacturing and sales of electronic products, and the design and manufacturing in the UK [1]