Alibaba’s cloud unit seeks $3 billion from state firms – Bloomberg News.

(Reuters) – Alibaba⁢ Group Holding Ltd’s cloud division is considering raising funds ‍through a⁤ private round from Chinese state-owned enterprises before ⁣its market debut ⁢in Hong ‍Kong, according to Bloomberg News.

The tech giant’s ⁢Cloud Intelligence unit is working with advisers on a ⁢potential fundraise that could amount to 10-20 billion yuan ($1.38-$2.75 billion), sources familiar‍ with the matter said.

Potential investors include state-backed telecommunication companies, ‍the report added. However,⁤ discussions are in the early stages and details such as the size and timing of the financing could change.

Alibaba ‌has not yet responded to Reuters’​ request for comment.

Earlier this year, Alibaba‍ announced plans to restructure into six units following a regulatory crackdown on China’s tech sector. ⁣As part of this, it approved a full spinoff of the Cloud Intelligence Group through a stock dividend distribution to shareholders, with the aim of completing a public listing within the next 12 months.

In July, Ant Group, which was spun off from Alibaba 12 years ago, surprised the market with a share buyback, valuing the fintech giant at $78.54⁢ billion. This valuation was significantly lower than the $315 billion previously anticipated in an abandoned public listing in 2020.

($1 = 7.2706 Chinese yuan renminbi)

(Reporting by Shivani Tanna ‍in Bengaluru; Editing by Dhanya Ann Thoppil and Janane Venkatraman)

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