Alibaba has raised its share buyback programme to $25 billion. It is the largest ever repurchase plan by the e-commerce giant. The plan comes amid a tech stock rally in the past few days after Chinese Vice Premier Liu said Beijing will roll out more measures to boost the economy as well as favourable policy steps for capital markets.
Shares of the company have cratered more than 50% in the past year. It has hiked the buyback programme from $10 to $15 billion last August. “The upsized share buyback underscores our confidence in Alibaba’s long-term, sustainable growth potential and value creation,” says deputy chief financial officer.
Alibaba’s shares rose 4.5% in Hong Kong after the news, but fell in the United States. Growing competition from rivals, slowing consumption, and a maturing e-commerce market have also hit its performance.
For Detailed News: Hindustan Times
