Alibaba increases share repurchase programme to $10 bln, shares fall
(Reuters) -Shares of Alibaba Group Holding Ltd listed in Hong Kong fell on Monday over 7% to HK$212.20 ($27.37) after the company raised its share repurchase programme to $10 billion from $6 billion.
“This Share Repurchase Program shall be environment friendly for a two-year interval by way of the tip of 2022,” Alibaba said in a press launch https://bwnews.pr/38IF0r7 late on Sunday.
China’s market regulator launched an antitrust investigation into Alibaba remaining week, part of an accelerating crackdown on anticompetitive behaviour in China’s booming net home.
Financial regulators on Sunday moreover urged Ant Group Co, an Alibaba affiliate, to rectify financial regulatory violations, after Chinese regulators abruptly suspended Ant’s blockbuster $37 billion preliminary public offering in Shanghai and Hong Kong.
Alibaba rival net corporations Meituan fell over 5% and JD.com dropped higher than 2%. …