Alibaba's Shares Plummet After Increasing Share Repurchase Program

Published December 28th, 2020 - 09:30 GMT
Alibaba's Shares Plummet After Increasing Share Repurchase Program
Alibaba rival internet companies Meituan fell over 5% and JD.com dropped more than 2%. (Shutterstock)
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 will be effective for a two-year period through the end of 2022," Alibaba said, Reuters reported.

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 5% and JD.com dropped more than 2%.


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