Alibaba Group raises share repurchase to $25 Billion

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The board of Alibaba Group has approved the upsize of its share repurchase program from US$15 billion to US$25 billion.

The development comes as its stock price continues to slump amid China’s tightening grip on local tech giants.

The eCommerce titan said the repurchase program will be effective for a two-year period through March 2024. Alibaba said the repurchase program’s upsizing marks a sign of confidence about its “continued growth in the future.”

As of March 18, the company had purchased 56.2 million American depositary shares for about US$9.2 billion as part of the previously announced repurchase program, it stated.

Alibaba’s announcement comes as its share price on the New York Stock Exchange dropped more than 56% year-on-year to US$103.6 on March 22 as China continues its crackdown on internet titans, which has also affected the likes of Tencent and Baidu.

Alibaba’s share price had fallen to as low as US$76.76 on March 15.

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Alibaba affiliate Ant sells stake in tech news site 36Kr as fintech giant enters final straight of restructuring

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This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy. Alibaba Groupu00a0has approved the upsize of its share repurchase program from US$15 billion to US$25 billion.rnrnThe development comes as its stock price continues to slump amid Chinau2019s tightening grip on local tech giants.rnrnThe eCommerce titan said the repurchase program will be effective for a two-year period through March 2024. Alibaba said the repurchase programu2019s upsizing marks a sign of confidence about its u201ccontinued growth in the future.u201drnrnAs of March 18, the company had purchased 56.2 million American depositary shares for about US$9.2 billion as part of the previously announced repurchase program, it stated.rnrnAlibabau2019s announcement comes as its share price on the New York Stock Exchange dropped more than 56% year-on-year to US$103.6 on March 22 as China continues its crackdown on internet titans, which has also affected the likes of Tencent and Baidu.rnrnAlibabau2019s share price had fallen to as low as US$76.76 on March 15.rnrn rnrnRead more on Tech Gist Africa:rnrnJD Logistics to buy rival Deppon for $1.4 billionrnrn Tencent reported to be cutting 20% of its workforcernrn Alibaba affiliate Ant sells stake in tech news site 36Kr as fintech giant enters final straight of restructuring”,”author”:{“@type”:”Person”,”name”:”Femi Thomas”,”url”:”https://www.techgistafrica.com/author/femithomas/”},”image”:{“@type”:”ImageObject”,”url”:”https://www.techgistafrica.com/wp-content/uploads/2022/03/Alibaba.png”,”width”:964,”height”:644},”publisher”:{“@type”:”Organization”,”name”:””,”url”:”https://www.techgistafrica.com”,”logo”:{“@type”:”ImageObject”,”url”:””},”sameAs”:[“https://www.facebook.com/techgistafrica/”,”https://twitter.com/techgist_africa”,”https://www.instagram.com/techgistafrica/”,”https://www.linkedin.com/company/techgist-africa”]}}]]>

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