Alibaba to Baidu Increase U.S. Share Buybacks as Prices Slump
- Chinese companies authorized $7.6 billion in U.S. buybacks
- China ADRs trade near cheapest level since the start of 2014
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The selloff that has pushed an index of U.S.-traded Chinese stocks down more than 30 percent since June has some of the biggest companies seeking to buy back record numbers of shares.
Alibaba Group Holding Ltd., the online retailer that went public with a record $25 billion initial public offering a year ago, said last month it plans to repurchase as much as $4 billion of stock over two years. JD.com Inc. has authorized $1 billion for the purpose. Baidu Inc.’s $1 billion share-buyback plan announced in July was its biggest ever. NetEase Inc., an online game operator, increased its planned repurchases five times to $500 million this month.