Alibaba jumped nearly 4% in premarket trading, and its stock price surged over 55% in a week.
It announced that the company’s board has authorized to upsize its share repurchase program to US$25 billion from US$15 billion (the “Share Repurchase Program”), in a sign of confidence about the Company’s continued growth in the future. The Company also announced that Weijian Shan, executive chairman of investment group PAG, was appointed as an independent director to the Company’s board.
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