Alibaba Group increases share repurchase programme to $10 billion

Alibaba Group Holding Ltd. raised a proposed stock repurchase program by $4 billion to $10 billion, offering more support to shares into the country’s most powerful internet corporations. The company in a statement said,” This Share Repurchase Program will be effective for a two-year period through the end of 2022″. Alibaba and rivals like Tencent Holdings Ltd face increasing pressure from regulators about the speed with which they’re amassing hundreds of millions of users and gaining influence over almost every aspect of daily life.