Alibaba raised its share buyback programme to $25 billion on Tuesday, the largest ever repurchase plan by the e-commerce giant, to prop up its battered shares as it fights off regulatory scrutiny and concerns about slowing growth.
The plan comes amid a tech stock rally in the past few days after Chinese Vice Premier Liu He said that Beijing will roll out more measures to boost the economy as well as favourable policy steps for capital markets.
"The upsized share buyback underscores our confidence in Alibaba's long-term, sustainable growth potential and value creation," Deputy Chief Financial Officer Toby Xu said. Alibaba's shares rose 4.5% in Hong Kong after the news. In the United States, its shares closed down 4.3% on Monday. Authorities subsequently halted the planned IPO of its financial arm Ant Group and slapped Alibaba with a record $2.8 billion fine for anti-competitive behaviour, triggering a long slide in its shares.
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