According to CoinMeta, Alibaba's stock price plummeted by 10% in the Hong Kong stock market due to its launch of a $10.2 billion rights issue at a discount. This is Alibaba's largest subsequent fundraising since its listing, and the funds obtained will be used for the expansion of its artificial intelligence infrastructure. Heavy expenditures on artificial intelligence have led to a 75% year-on-year decline in its quarterly net profit, and the discounted pricing has exacerbated today's selling pressure.