Alibaba (HKG:9988) Chairman Joseph Tsai purchased another 720,000 Hong Kong-listed shares of the company on Tuesday, according to a stock exchange disclosure.
Tsai bought the shares at an average price of HK$113.47 each, for about HK$81.7 million.
The purchase came a day after Tsai and Chief Executive Officer Eddie Wu bought about HK$120 million worth of Alibaba shares.
Tsai purchased shares worth about HK$81 million, while Wu acquired shares valued at around HK$39 million, according to Hong Kong stock exchange disclosures.
Their combined disclosed holdings represent 1.72% of Alibaba's issued voting shares. The purchases came after Alibaba sought to raise HK$80 billion in gross proceeds through a share sale.