Alibaba raises stock buyback plan to $10 billion

Alibaba Group Holding Ltd. increased its stock repurchase program late Sunday from $6 billion to $10 billion, but shares still sank in Hong Kong trading amid an antitrust investigation by Chinese regulators.

In a statement Sunday, Alibaba said its board of directors had approved the larger repurchase, to last through 2022. The stock repurchase program began earlier this quarter.

Alibaba shares fell more than 5% in Hong Kong trading, to their lowest point since early July.

The company’s U.S. shares slid 13% on Thursday, into bear-market territory, after Chinese authorities announced their probe into the e-commerce giant, as part of a wider anti-monopoly crackdown on tech companies.

Mike Murphy

source:marketwatch.com