Alibaba shares fell 8.4%. Then Joe Tsai and Eddie Wu went shopping

Alibaba executives Joe Tsai and CEO Eddie Wu bought roughly HK$120 million ($15.3 million) of shares—720,000 and 350,000 respectively—after the stock plunged up to 10% in Hong Kong, trading 8.4% lower at HK$112.70. The purchases coincided with Alibaba’s HK$80 billion (US$10.2 billion) primary follow-on offering, the largest ever for a Hong Kong-listed company, which is fully allocated to AI and cloud capex despite a 75% drop in quarterly net profit.