Alibaba Increases Share Repurchase Programme

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Shares of Alibaba Group Holding Limited listed in Hong Kong fell on Monday over seven per cent to HK$212.20 ($27.37) after the company raised its share repurchase programme to $10 billion from $6 billion.

“This Share Repurchase Program will be effective for a two-year period through the end of 2022,” Reuters quoted Alibaba to have said in a statement.

China’s market regulator launched an antitrust investigation into Alibaba last week, part of an accelerating crackdown on anticompetitive behaviour in China’s booming internet space.

Financial regulators on Sunday also urged Ant Group Co, an Alibaba affiliate, to rectify financial regulatory violations, after Chinese regulators abruptly suspended Ant’s blockbuster $37 billion initial public offering in Shanghai and Hong Kong.

Alibaba rival internet companies Meituan fell over five per cent and JD.com dropped more than two per cent.