SHANGHAI -- Chinese e-commerce company Alibaba Group Holding on Friday detailed plans to issue up to $5 billion in convertible notes to pay for share buybacks, following in the footsteps of rival JD.com in raising fresh funding.
Alibaba said that $4.5 billion will be issued via a private offering to U.S. and non-U.S. investors, who will have an option to buy an additional $500 million of the notes. The bonds are convertible into Alibaba's U.S.-listed American depositary shares (ADS) before they mature on June 1, 2031.
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