Alibaba surges nearly 10% after it ups share buyback program to $25 billion

Alibaba surges nearly 10% after it ups share buyback program to  billion


Alibaba’s headquarters in Hangzhou, China, on Wednesday, Nov. 10, 2021.

Qilai Shen | Bloomberg | Getty Images

Alibaba’s Hong Kong-listed stock surged nearly 10% 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.

Alibaba has bought back about 56.2 million American depositary shares (ADRs), 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.

Alibaba has faced a number of issues including macroeconomic headwinds and continued regulatory tightening from the Chinese government that led authorities to slap the company with a $2.8 billion antitrust fine last year.

China introduced sweeping new rules across the technology industry, often without warning, over the past 14 months. The moves shook investor confidence and wiped billions of dollars of value off the country’s publicly-listed giants.

On Tuesday, Alibaba also appointed Weijian Shan, executive chairman of Hong Kong-headquartered investment group PAG, to the its board as an independent director, effective March 31. Shan will serve on the board’s audit committee. He will replace Börje Ekholm, CEO of the telecommunications equipment giant Ericsson, who will retire from Alibaba’s board.



Source

AI is doing 30%-50% of the work at Salesforce, CEO Marc Benioff says
Technology

AI is doing 30%-50% of the work at Salesforce, CEO Marc Benioff says

Marc Benioff, Chairman & CEO of Salesforce, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 22nd, 2025. Gerry Miller | CNBC Salesforce is accelerating its use of artificial intelligence in automating workloads, according to CEO Marc Benioff. “All of us have to get our head around this idea that […]

Read More
Trump Organization scraps ‘made in the USA’ tag for its gold T1 smartphone
Technology

Trump Organization scraps ‘made in the USA’ tag for its gold T1 smartphone

US President Donald Trump uses a cellphone aboard Marine One before it departs Leesburg Executive Airport in Leesburg, Virginia, on April 24, 2025. Trump is returning to the White House after attending a MAGA, Inc. dinner at the Trump National Golf Club Washington, DC. Alex Wroblewski | AFP | Getty Images The Trump Organization scrapped […]

Read More
Blacklisted by the U.S. and backed by Beijing, this Chinese AI startup has caught OpenAI’s attention
Technology

Blacklisted by the U.S. and backed by Beijing, this Chinese AI startup has caught OpenAI’s attention

The Zhipu AI logo is seen displayed on a smartphone screen. Sopa Images | Lightrocket | Getty Images OpenAI is putting a spotlight on an under-the-radar artificial intelligence startup that it believes is on the “front line” of China’s race to lead the world in AI — and its not DeepSeek.  In a blog post […]

Read More