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Alibaba Group Holding ups buybacks to $25 billion; crackdown to ease

Move represents one of the largest shareholder-reward programmes

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
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The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China

Bloomberg
Alibaba Group Holding  soared 11 per cent 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.

Alibaba’s up-sized buyback represents one of the largest shareholder-reward programs in China’s

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First Published: Mar 23 2022 | 12:30 AM IST

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