Alibaba Surges Nearly 9% After It Ups Share Buyback Program to $25 Billion
Alibaba said on Tuesday it will increase the size of its share buyback program from $15 billion to $25 billion, effective for a two-year period through March 2024.Alibaba appointed Weijian Shan, executive chairman of investment group PAG, to the its board as an independent director, replacing Ericsson CEO Börje Ekholm.
Hong Kong-listed stock surged more than 11% on Tuesday after the Chinese e-commerce giant said it would increase the size of its share buyback program from $15 billion to $25 billion. The share repurchase scheme will be effective for a two-year period through March 2024, the company said.has bought back about 56.2 million American depositary shares , worth about $9.2 billion, under the previously announced buyback program. ADRs are listed in the U.S. and act as proxies for foreign companies.
The Hangzhou-headquartered e-commerce giant is looking to boost investor confidence as its shares have lost around two-thirds of their value since hitting an all-time high in October 2020. "Alibaba's stock price does not fairly reflect the company's value given our robust financial health and expansion plans," the company's Deputy Chief Financial Officer Toby Xu said in a statement.
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Alibaba Surges Nearly 10% After It Ups Share Buyback Program to $25 BillionAlibaba said it will increase the size of its share buyback program from $15 billion to $25 billion, effective for a two-year period through March 2024.
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