Alibaba said it will increase the size of its share buyback program from $15 billion to $25 billion, effective for a two-year period through March 2024.
Alibaba said on Tuesday it will increase the size of its share buyback program from $15 billion to $25 billion, effective for a two-year period through March 2024.Alibaba appointed Weijian Shan, executive chairman of investment group PAG, to the its board as an independent director, replacing Ericsson CEO Börje Ekholm.
Hong Kong-listed stock surged nearly 10% on Tuesday after the Chinese e-commerce giant said it would increase the size of its share buyback program from $15 billion to $25 billion. The share repurchase scheme will be effective for a two-year period through March 2024, the company said. has bought back about 56.2 million American depositary shares , worth about $9.2 billion, under the previously announced buyback program. ADRs are listed in the U.S. and act as proxies for foreign companies.
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