- 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.
