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Alibaba Ups Buybacks to $25 Billion as Crackdown Signs Ease

  • Shares leap more than 11% to highest in about a month
  • Alibaba and its internet rivals are battling a record selloff
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WATCH: Kelvin Tay of UBS Global Wealth Management discusses the outlook for China’s economy, the government’s policies and the stock markets.Source; Bloomberg
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Alibaba Group Holding Ltd. soared as much as 13% on Tuesday in New York after ramping up its share buyback program to $25 billion, fueling hopes that Beijing is easing off an internet crackdown that wiped out $470 billion of the e-commerce giant’s value.

The board approved the program, which will run for two years through to March 2024, the company said. It also appointed a new independent director in Shan Weijian, chairman of alternative asset management house PAG. Shan, a longtime investor in Chinese companies, will replace Ericsson Chief Executive Officer Börje Ekholm from March 31.