Alibaba raised its share buyback programme to $25 billion on Tuesday, the largest ever repurchase plan by the e-commerce giant, to prop up its battered shares as it fights off regulatory scrutiny and concerns about slowing growth.
The plan comes amid a tech stock rally in the past few days after Chinese Vice Premier Liu He said that Beijing will roll out more measures to boost the economy as well as favourable policy steps for capital markets.
"Alibaba's stock price does not fairly reflect the company's value given our robust financial health and expansion plans." "Internet giants will start to re-focus on their main business in the future. As a result, it's not necessary for companies like Alibaba to keep such large amounts of cash on their books," he added.
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