Alibaba Shares Soared over 6% on $15 Billion Repurchase Program

Tiger Newspress2022-11-17

Alibaba shares soared over 6% on $15 billion repurchase program.The company said in its earnings release it would raise its share repurchase program by an additional $15 billion and extend it to the end of the 2025 fiscal year.

Under the existing $25 billion share repurchase program, the company said it had repurchased approximately $18 billion in shares by November 16.

Alibaba said it will not complete its primary conversion of shares to the Hong Kong Stock Exchange by the end of 2022 as originally announced in August.

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