Alibaba Group increases share repurchase programme to US$10b

[BENGALURU] Shares of Alibaba Group Holding listed in Hong Kong fell on Monday over 7% to HK$212.20 ($27.37) after the company raised its share repurchase programme to US$10 billion from US$6 billion.

"This Share Repurchase Program will be effective for a two-year period through the end of 2022," Alibaba said in a statement late on Sunday.

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, an Alibaba affiliate, to rectify financial regulatory violations, after Chinese regulators abruptly suspended Ant's blockbuster US$37 billion initial public offering in Shanghai and Hong Kong.

Alibaba rival internet companies Meituan fell over 5 per cent and JD.com dropped more than 2 per cent.

REUTERS

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