Alibaba Raises $10.2 Billion for AI Development and Launches Wan 3.0 Video Model

On August 23, Alibaba announced the issuance of HK$80 billion in shares, marking the largest follow-on offering in Hong Kong's history and the third-largest globally in 2026. The company plans to channel all proceeds into advancing its AI technologies, including chip development, infrastructure, models, and deployment. Concurrently, Alibaba unveiled Wan 3.0, a generative video model capable of producing 30-second videos based on business documents, spreadsheets, presentations, and web pages. This innovation broadens the scope of generative video applications, moving closer to automating business processes. Currently, Wan 3.0 is used for short series, advertising, and marketing content. This event underscores Alibaba’s substantial investment in AI and its strategic emphasis on expanding its technological capabilities, signaling a strong commitment to AI-driven growth.