Alibaba Increases Stock Buyback Budget To US$ 25 Billion

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Alibaba Increases Stock Buyback Budget To US$ 25 Billion


Chinese e-commerce giant Alibaba Group Holding Ltd said it was increasing its share buyback program to $25 billion from $15 billion, the second time in a year.

Alibaba said it bought back its US-listed stake for $9.2 billion on March 18 in the program, which was originally scheduled to last until the end of this year.

Meanwhile, Alibaba has increased its buybacks to $15 billion in August. In a statement, they said the current program would be effective for a two-year period until March 2024.


The company's stock had slumped in December 2020 after its $10 billion buyback failed to ease concerns about a regulatory crackdown on Jack Ma's e-commerce and finance empire.

"The increased share buybacks underscore our belief in Alibaba's sustainable long-term growth potential and value creation," said Toby Xu, Deputy Chief Financial Officer of Alibaba Group.

Xu also emphasized that Alibaba's share price does not reflect the company's value. According to him, the company's financial health and expansion plans are still considered strong.


The company also appointed Weijian Shan, executive chairman of investment group PAG, as an independent director to its board, and said Borje Ekholm, CEO of Ericsson, will retire from Alibaba's board on March 31.


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