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Technology Stocks : Alibaba Group Holding Limited
BABA 173.93-3.4%3:59 PM EDT
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From: Sr K3/21/2022 10:44:52 PM
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Buyback increased to $25B

Alibaba to Buy Back Up to $25 Billion of Stock

The modified repurchase program will be effective for two years through March 2024


Outside Alibaba’s headquarters in Hangzhou, China, earlier this year.PHOTO: QILAI SHEN/BLOOMBERG NEWS

By P.R. Venkat
March 21, 2022 10:17 pm ET

Alibaba Group Holding Ltd. BABA -4.35% boosted its share buyback program to $25 billion from $15 billion, a sign of confidence from a company whose stock has fallen by more than half in the past year.

The modified repurchase program will be effective for two years through March 2024, the e-commerce giant said on Tuesday morning Hong Kong time.

Chinese technology stocks in Hong Kong, China and in the U.S.—where they are listed as American depositary receipts—have been highly volatile recently amid worries that U.S. regulators may move to delist Chinese companies as soon as 2024 and signs that Beijing’s long-running regulatory crackdown will continue.

Alibaba’s BABA -4.35% New York Stock Exchange-listed ADRs are down nearly 13% so far this year—and have fallen about 57% in the past year—according to FactSet. Its stock also trades in Hong Kong.

Alibaba said it bought back about $9.2 billion worth of ADRs as of March 18 under its previous program.

Separately, the company said Weijian Shan, executive chairman of investment group PAG, would join the board as an independent director starting March 31.

Exc.
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