Alibaba Group announced today that it will continue to expand buybacks. Ali plans to expand the size of the share repurchase program from $15 billion to $25 billion, which also set a historical record for Chinese concept stock buybacks.
In addition, the buyback will last for two years until the end of March 2024. At present, Ali’s total market value is about 280.824 billion US dollars, and the stock price has fallen about 67% from the highest point.
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According to the official announcement, the Alibaba Group board of directors also announced the appointment of Shan Weijian, executive chairman of Pacific Alliance Investment Group (PAG), as an independent director of the board of directors, which will take effect on March 31, 2022, and will become a member of the audit committee.
Ericsson President and CEO Börje Ekholm, who has been an independent director since June 2015, will step down on March 31, 2022. According to Alibaba’s previously announced share repurchase plan, as of March 18, 2022, Alibaba Group has repurchased a total of 56.2 million American depositary shares (equivalent to approximately 449.6 million ordinary shares), totaling approximately US$9.2 billion.
On December 28, 2020, the Alibaba Group board of directors authorized the repurchase of US$10 billion of American depositary shares. On August 3, 2021, Ali announced that it would expand the repurchase scale to US$15 billion. The share repurchase program was expanded to $25 billion today. In the past 7 months, Ali has expanded its buyback scale twice in a row.
