Kathmandu. Chinese tech giant Alibaba said Sunday it plans to raise HK$80 billion (about $10.2 billion) in a new share issue in Hong Kong to expand its investment in artificial intelligence (AI).

Alibaba, headquartered in Hangzhou, has been investing heavily in AI. The company’s shareholders have been expressing concern about the return on the investment. Alibaba said in a statement that the shares were being issued to expand the company’s global AI leadership.

According to the company, all proceeds from the IPO will be invested in the expansion of AI-related infrastructure and the development of its ‘full-stack AI capabilities’. The company’s revenue reached 269 billion yuan (about 40 billion U.S. dollars), according to the latest quarterly financial statement released by Alibaba on Thursday. As the demand for AI-related technology has increased worldwide, the demand for the company’s products has also increased.

Alibaba is known for its open-source ‘queen’ AI model. According to the company, this model is becoming popular among developers around the world.