Alibaba Raises $4.5 Billion in Oversubscribed Convertible Bond Sale

Funds to support aggressive share buy-back program and investments in core e-commerce and cloud businesses.

Alibaba's bond sale is Asia's largest-ever convertible bond transaction and the world's biggest since 2008.
The company plans to use the proceeds for share repurchases and to invest in e-commerce and cloud computing.
Alibaba's management emphasizes a return to a start-up mindset focused on innovation and user experience.
The bond issue comes amid intense competition and a slow economic recovery in China.
Alibaba's share buy-back program has been expanded to $25 billion, one of the largest-ever in China.