The board of Alibaba Group has approved the upsize of its share repurchase program from US$15 billion to US$25 billion.
The development comes as its stock price continues to slump amid China’s tightening grip on local tech giants.
The eCommerce titan said the repurchase program will be effective for a two-year period through March 2024. Alibaba said the repurchase program’s upsizing marks a sign of confidence about its “continued growth in the future.”
As of March 18, the company had purchased 56.2 million American depositary shares for about US$9.2 billion as part of the previously announced repurchase program, it stated.
Alibaba’s announcement comes as its share price on the New York Stock Exchange dropped more than 56% year-on-year to US$103.6 on March 22 as China continues its crackdown on internet titans, which has also affected the likes of Tencent and Baidu.
Alibaba’s share price had fallen to as low as US$76.76 on March 15.
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