Chinese mainland tech company Alibaba announced ​on Sunday a proposed ‌placement of new shares in the Hong Kong Special Administrative Region.

The aggregate placement ​consideration is HK$80 billion ($10.2 ​billion), the company added.

Alibaba said ⁠the deal would mark ​the largest-ever primary follow-on ​offering by a Hong Kong-listed company and the biggest Regulation S ​equity offering on record, ​while ranking as the world's third-largest ‌primary ⁠follow-on share sale this year after Alphabet and Intel.

The company said it intends to use ​100 percent ​of ⁠the net proceeds from the placement to ​invest in its full-stack AI capabilities, including expanding and enhancing its AI infrastructure.