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.
Deliberations are preliminary and details of the financing such as size and timing could change, the people said, asking not to be identified as the information is private. A representative for Alibaba didn’t respond to an emailed request for comment. Spokespeople for China’s three main state-owned telecom operators didn’t respond to requests for comment.
The cloud business, a thriving operation and China’s closest analog to Amazon Web Services, drew regulators’ ire in 2021 when it shared its discovery of a major software flaw with a global developer community before it informed the authorities. It was investigated a year later for its role in China’s largest known cybersecurity data leak. The cloud division in recent years began to bleed market share to rivals including Huawei Technologies Co. and state-run China Mobile Ltd.
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