Alibaba Group Holding Ltd's cloud division is weighing a private round to raise funds from Chinese state-owned enterprises ahead of the business's market debut in Hong Kong, people with knowledge of the matter said. The tech giant is working with advisers on a potential Cloud Intelligence Unit fundraising that could raise about 10 billion yuan to 20 billion yuan , according to the people. Prospective investors include state-backed telecommunication companies, they said. Alibaba planned to spin off the unit by distributing a stock dividend to shareholders within 12 months, the company announced in May.

http://klse.i3investor.com/web/blog/detail/kianweiaritcles/2023-09-04-story-h-240941665-Alibaba_Cloud_eyes_state_firms_for_up_to_US_3b_fundraising

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