WATCH: Alibaba has lifted the size of its planned share buyback to a record $25 billion as it attempts to prop up its declining stock price. This is the second time the e-commerce giant has expanded its buyback program in a year
Alibaba shares , which have more than halved in the past year, surged on the news and closed up 11%. Its U.S. listed stockThe 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.This is the second time Alibaba Group Holding Ltd has expanded its buyback programme in a year.
Alibaba's buyback decision makes sense given how Beijing's measures against monopolistic behaviour and the "disorderly expansion of capital" will limit its opportunities for new investments, said Rukim Kuang, founder of Beijing-based Lens Company Research. Alibaba said it had $75 billion in cash, cash equivalent and short term investments as of end-December.
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