Alibaba increases share repurchase programme to $10 bln, shares fall - Reuters

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By Reuters Staff

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FILE PHOTO: The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, November 11, 2020. REUTERS/Aly Song

(Reuters) -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 in a statement bwnews.pr/38IF0r7 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 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%.

($1 = 7.7521 Hong Kong dollars)

Reporting by Kanishka Singh in Bengaluru and Yilei Sun in Beijing; Editing by Tom Hogue and Christian Schmollinger

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