Alibaba completes $12bn exchangeable bond offering

Alibaba Group Holding Limited has announced the completion of a private offering of HK$12.023 billion aggregate principal amount of Zero Coupon Exchangeable Bonds due 2032. The bonds are exchangeable into ordinary shares of Alibaba Health Information Technology Limited. The initial exchange ratio is approximately 160,513.6 AH Shares per HK$1,000,000 principal amount of Bonds, equivalent to an initial exchange price of HK$6.23 per AH Share, representing a 48% premium over the delta placement price of HK$4.21. Assuming full exchange, the referenced property represents approximately 12% of Alibaba Health's issued share capital as of June 30, 2025. The unsecured bonds will mature on July 9, 2032, unless earlier redeemed or exchanged. The bonds are expected to be listed on the Vienna MTF within 60 days.