Chinese tech giant Alibaba Group is seeking to raise around HK$12 billion ($1.53 billion) through exchangeable bonds to boost investments in its cloud infrastructure and global commerce operations, the company said on Thursday.

Alibaba Group, one of China’s largest technology companies, is planning a major move to raise money. The company said on Thursday it wants to gather about HK$12 billion, which equals around $1.53 billion,

Alibaba announced $1.5B bond offering for AI and cloud expansion, exchangeable for shares of Alibaba Health. Expected to close July 9.