Alibaba Group, the world's biggest e-commerce company, increased a share buyback to $25 billion from $15 billion on Tuesday to prop up a stock price that has fallen by more than half since the ruling Communist Party tightened control over tech industries by launching regulatory crackdowns.
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The increase is a "sign of confidence in the company's continued growth," Alibaba said. The company said it has paid out $9.2 billion so far in the buyback announced earlier.
Alibaba's U.S.-traded shares have fallen 56%, wiping out hundreds of billions of dollars of stock market value, since the ruling party launched anti-monopoly and data-security crackdowns in 2019. Alibaba has been fined and a planned stock market debut by Ant Group, an online finance company spun off from Alibaba, was postponed.
Alibaba's Hong Kong-traded shares were trading 4.8% higher on Tuesday.
