After the price losses of the past twelve months, the Chinese Internet giant Alibaba has announced further share buybacks. The buyback program, which will run until March 2024, is now expected to have a volume of 25 billion US dollars (22.8 billion euros), after 15 billion so far, as the company announced in Huangzhou on Tuesday. It’s the second time in 12 months that Alibaba has put more money into share buybacks. According to the announcement, securities for around 9.2 billion US dollars have been repurchased to date.
Alibaba’s program is one of the largest in the Chinese internet industry. The group emphasizes that this is an expression of its confidence in the growth prospects. The Chinese government recently signaled that it would take less harsh action against tech companies in the future. Many of China’s largest companies have struggled with government intervention over the past year, resulting in significant price falls.
Since mid-March, Alibaba shares in Hong Kong, including the price jump of a good eleven percent on Tuesday, have gained more than half in value. However, they only cost half as much as twelve months ago. (dpa)