Alibaba is stepping up its share buyback plan with the largest scale in the history of Chinese concept stocks, reaching $25 billion.

On March 22, Alibaba announced the further expansion of its share repurchase plan from $15 billion to $25 billion. The buyback will continue until the end of March 2024. This move also sets a record for the scale of Chinese concept stock buybacks. According to the previous announced share repurchase plan, as of March 18, 2022, Alibaba Group had repurchased 56.2 million American depositary shares (equivalent to approximately 0.4496 billion ordinary shares) with a total amount of approximately $9.2 billion. In addition, according to the official announcement, Alibaba Group's board of directors also appointed Single Weijian, the Chairman of PAG, as an independent director of the board, effective from March 31, 2022, and he will also become a member of the audit committee.
$BABA-W (09988.HK)$ $Alibaba (BABA.US)$