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Alibaba Makes Biggest Ever Quarterly Share Repurchase Worth $4.8 Bln

Alibaba Group has bought back shares worth $4.8 billion in the quarter ended March, the Chinese e-commerce giant said on Tuesday, in its biggest-ever repurchase after beefing up its stock buyback plan

Alibaba Makes Biggest Ever Quarterly Share Repurchase Worth $4.8 Bln

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21:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Alibaba Group has bought back shares worth $4.8 billion in the quarter ended March, the Chinese e-commerce giant said on Tuesday, in its biggest-ever repurchase after beefing up its stock buyback plan in February.</p><p>The company had raised its share buyback plan by another $25 billion in a bid to appease investors concerned over its growth prospects as it faces new market rivals such as PDD .</p><p>Alibaba, which is listed in both Hong Kong and the U.S., had bought back $2.9 billion worth of stock in the previous quarter.</p><p>Its Hong Kong shares have lost more than 6% of their value this year, amid growing worries over the e-commerce pioneer&#39;s fall in earnings, per-user spending and deteriorating Chinese consumption.</p><p>These factors have contributed to the once-market dominant internet firm losing its market share to rivals such as PDD and TikTok owner ByteDance.</p><p>The internet 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