Alibaba Group has bought back shares worth $4.8 billion in the quarter ended March, the Chinese e-commerce giant said on Tuesday, in its biggest-ever repurchase after beefing up its stock buyback plan in February.
Alibaba Group has bought back shares worth $4.8 billion in the quarter ended March, the Chinese e-commerce giant said on Tuesday, in its biggest-ever repurchase after beefing up its stock buyback plan in February. The company had raised its share buyback plan by another $25 billion in a bid to appease investors concerned over its growth prospects as it faces new market rivals such as PDD . Alibaba , which is listed in both Hong Kong and the U.S., had bought back $2.
9 billion worth of stock in the previous quarter. Its Hong Kong shares have lost more than 6% of their value this year, amid growing worries over the e-commerce pioneer's fall in earnings, per-user spending and deteriorating Chinese consumption. These factors have contributed to the once-market dominant internet firm losing its market share to rivals such as PDD and TikTok owner ByteDanc
Alibaba Shares Buyback E-Commerce Growth Prospects PDD Hong Kong Earnings Market Share
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