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Alibaba Group Holding Ltd. will buy back as much as $4 billion of stock as it tries to revive a share price battered by concerns about the slowing Chinese economy less than a year after going public. The announcement came as the company posted first-quarter sales that rose at the slowest pace in at least three years.
China’s largest e-commerce company has lost about $100 billion in market value since November’s record high, pressured by slowing growth at home and uncertain prospects abroad.