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 Group is looking to raise up to $1.53 billion in exchangeable bonds, partly to fund the expansion of its cloud computing infrastructure. Investors will be able to later exchange the bonds for shares in Alibaba Health, while the bonds will not pay interest over time.

Alibaba Group Holding plans to raise HK$12 billion (US$1.5 billion) via exchangeable bonds to fund its cloud business and international e-commerce operations, the company said on Thursday. The bonds will not pay interest but will allow bondholders to exchange them for shares of its subsidiary,