Alibaba Group Holding Ltd raised its share buyback program to $25 billion on Tuesday (March 22), its second increase in less than a year to prop up stocks that have been battered by concerns over slowing growth.
The announcement marks an increase from its earlier plan to buy back $15 billion shares, and marks the biggest share repurchase ever since it went public in 2014
Its shares rose 4.5% in Hong Kong (9988.HK) after the announcement.
Alibaba said it had already re-purchased about $9.2 billion of its U.S.-listed shares as of March 18 under its program, which was initially slated to last until the end of this year.
The company's shares slumped in December 2020 after the earlier buyback amount of $10 billion failed to ease concerns about a regulatory crackdown on co-founder Jack Ma's e-commerce and financial empire.
(Source: Reuters)
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