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China tech

Alibaba expands share buyback offer to $25bn after record slump

Stock soars as Chinese e-commerce group says move reflects confidence in growth

Alibaba Group's office building in Beijing. Alibaba has been boosting its stock buyback plan since an initial $6 billion program was rolled out in 2017.    © Reuters

HONG KONG -- Alibaba Group Holding's shares jumped more than 11% on Tuesday after the Chinese e-commerce company said it had upsized a stock buyback program to $25 billion from an earlier $15 billion in its biggest such offer.

Shares in Alibaba, listed in Hong Kong and New York, fell to an all-time low last week on the back of a gloomy outlook for China's major tech companies and as it grapples with slowing revenue and a regulatory crackdown.

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