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.

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,