Alibaba's cloud division eyes state firms for up to $3 billion fundraising

Alibaba Group Holding Ltd's cloud division is weighing a private round to raise funds from Chinese state-owned enterprises ahead of the business' market debut in Hong Kong, Bloomberg News reported on Monday.

The tech giant is working with advisers on a potential Cloud Intelligence Unit fundraising that could mop up about 10-20 billion yuan ($1.38-$2.75 billion), the report said, citing people with knowledge of the matter.