July 3 (Reuters) -

Chinese tech giant Alibaba Group ( BABA ) said on Thursday

it is seeking to raise around HK$12 billion ($1.53 billion)

through exchangeable bonds to boost investments in cloud

infrastructure and global commerce operations.

The bonds link to Alibaba Health Technology, the

group said. Investors can later exchange these bonds for shares

in Alibaba Health, and the bonds will not pay interest over

time.

Alibaba Group ( BABA ) holds more than 44% of Alibaba Health.

The debt sale follows

Alibaba's ( BABA ) $5 billion dual-currency bond in November

, which was the largest deal of its kind in Asia-Pacific

during 2024.

Thursday's offering comes as more investors tap the

Asian credit market after monetary and fiscal stimulus by

Beijing policymakers improved the region's debt appeal..

Hong Kong-listed shares of Alibaba Group ( BABA ) closed 2.9%

lower at HK$106.20 on Thursday, while Alibaba Health stock ended

down 2.8%.

($1 = 7.8496 Hong Kong dollars)