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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why Alibaba's Stock Didn't Get a Boost Despite Big Share Buyback: Bloomberg

BABA (Organization) Alibaba Alibaba Group Holding Ltd China NYSE Tencent Holdings Ltd Hong Kong
  • Alibaba Group Holding Ltd (NYSE:BABA) shares traded 60% below the 2021 peak despite a $9 billion share buyback boost, Bloomberg reports.
  • The boost marked the third increase since China's domestic tech crackdown started in late 2020.
  • After the buyback announcement, Alibaba's shares jumped up to 9.8% to HK$108.80 in Hong Kong, trailing the February 2021 peak of HK$267.
  • Also Read: Alibaba Shares Plunge After Q3 Earnings - Read How It Performed
  • Alibaba's lackluster performance reflected concerns about the crackdown affecting Alibaba's core business and the broader weakness in Chinese equities thanks to the Covid resurgence and slowing economic growth.
  • Alibaba's losses of $450 billion in market cap are the world's biggest after its peer Tencent Holdings Ltd (OTC:TCEHY).
  • China recently promised to ensure stability in capital markets, support overseas stock listings, resolve risks around property developers and complete the crackdown on Big Tech "as soon as possible.
  • Meanwhile, Alibaba is planning to slash its workforce by 30%.
  • Price Action: BABA shares traded higher by 11.40% at $115.38 on the last check Tuesday.
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