
The Alibaba Group Holding Ltd. (NYSE: BABA) stock price today quickly climbed 0.8% to $91.41 around 10:00 a.m. The spike came after the company announced its film unit, Alibaba Pictures Group Ltd., will be raising an additional $1.57 billion.
According to The Wall Street Journal, Alibaba Pictures will be selling 4.2 billion new shares to raise the capital.