Alibaba Launches Wan3.0 AI Video Model and $10 Billion Share Sale

Alibaba Group officially released Wan3.0, an AI video generation model capable of producing 30-second videos from documents, spreadsheets, slides, and web pages. The launch follows a public beta period that began on August 6, during which the model was used for film production, music videos, tourism promotion, and advertising.

To support the high costs of competing in the global AI race, the company launched a $10 billion share placement. This represents the largest primary follow-on offering by a company listed in Hong Kong.

The financial move comes as the company faces significant fiscal pressure. Alibaba recently reported a 75 percent decline in quarterly earnings, a drop attributed to the increasing capital expenditures required for AI development.