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Alibaba Group is seeking to raise $1.5 billion through the sale of bonds exchangeable into shares of Alibaba Health Information Technology Ltd. The bonds, due in 2032, carry a zero coupon and have an exchange premium of 40% to 50% over the reference share price. The proceeds will be used for investments in cloud infrastructure and international commerce business. JPMorgan Chase, UBS, Citigroup, and Morgan Stanley are arranging the deal.

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