Alibaba raises stock buyback plan to $10 billion, but shares continue to sink

Last Updated: Dec. 27, 2020 at 10:36 p.m. ET First Published: Dec. 27, 2020 at 10:03 p.m. ET

By

Mike Murphy

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Alibaba is the world’s biggest e-commerce company by total sales volume.
AFP via Getty Images

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9988

-7.01%

BABA

-13.34%

Alibaba Group Holding Ltd. increased its stock repurchase program late Sunday from $6 billion to $10 billion, but shares still sank in Hong Kong trading amid an antitrust investigation by Chinese regulators.

In a statement Sunday, Alibaba said its board of directors had approved the larger repurchase, to last through 2022. The stock repurchase program began earlier this quarter.

Alibaba shares 9988, -7.01% fell more than 5% in Hong Kong trading, to their lowest point since early July.

Also see: China orders Ant Group to clean up its business practices, comply with regulations

The company’s U.S. shares BABA, -13.34% slid 13% on Thursday, into bear-market territory, after Chinese authorities announced their probe into the e-commerce giant, as part of a wider anti-monopoly crackdown on tech companies.