Depending on investor response, proceeds could reach $8 billion which the e-commerce leader is likely to use for general corporate expenditure, one of the people said.The fundraising will be a test of investor sentiment towards Alibaba, amid a regulatory crackdown on it and financial technology affiliate Ant Group.

Chinese officials have come down hard on Ma’s business empire since he publicly criticised the country’s regulatory system in October setting off a chain of events that resulted in the halting of Ant Group’s $37 billion stock market listing.Ma’s absence from public view in the intervening time has fuelled social media speculation over his whereabouts.The bond sale plan, including timeline, is not finalised and is subject to change, the people said, declining to …