Alibaba’s $9 Billion Buyback Binge Has Done Little For Its Stock

China’s Alibaba Group Holding Ltd. has spent more on share buybacks than any other tech firm since the sector’s downturn began. But that’s done little to boost its stock’s fortunes.

The e-commerce giant’s shares are trading about 60% below last year’s peak even after the company deployed more than $9 billion to repurchase its stock, according to Bloomberg’s calculation. The Hangzhou-based firm unveiled a plan on Tuesday to boost its buyback plan to $25 billion -- the third increase since Beijing’s tech crackdown started in late 2020.