© Bloomberg. Employees walk through the campus at the Alibaba Group Holding Ltd. headquarters during the annual November 11 Singles’ Day online shopping event in Hangzhou, China, on Monday, Nov. 11, 2019. Alibaba’s Singles’ Day shopping bonanza got off to a scorching start, logging more than 114 billion yuan ($16.3 billion) of purchases in less than 90 minutes, the equivalent of more than half of last year’s record haul for the 24-hour event. Photographer: Qilai Shen/Bloomberg
(Bloomberg) — Alibaba (NYSE:) Group Holding Ltd. raised a proposed stock repurchase program by $4 billion to $10 billion, offering more support for its battered shares.
China’s e-commerce leader said Monday its board has authorized the increased program, effective for two years through the end of 2022. It had started buying back shares this quarter.
Alibaba’s stock is down roughly 30% from its 2020 peak, battered by deepening scrutiny of the giant Chinese internet sector and alleged monopolistic practices at the crown jewel of billionaire Jack Ma’s internet empire. On Sunday, Chinese regulators ordered Ma’s other online titan, Ant Group Co., to return to its roots as a provider of payments services, threatening to throttle growth in its most lucrative businesses of consumer loans and wealth management.
Read more: Jack Ma Goes Quiet After Ant Group’s Spectacular Undoing
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