Alibaba dives after increased buyback does not calm antitrust fears

Alibaba Singles' Day to Challenge $ 31 Billion Sales Record

Photographer: Qilai Shen / Bloomberg

Alibaba Group Holding Ltd. has increased its $ 4 billion to $ 10 billion share repurchase program, providing more support to stocks plagued by an extensive antitrust inquiry into the country’s most powerful Internet corporations.

Its shares fell more than 5% in early Hong Kong trading to a six-month low. China’s leader in e-commerce said on Monday it had repurchased shares this quarter and the board has allowed the program to increase, which is valid for two years until the end of 2022.

Alibaba and competitors, once considered the standard-bearers of China’s economic and technological growth Tencent Holdings Ltd. is now facing increasing pressure from regulators who are concerned about the speed with which they are gathering hundreds of millions of users and affecting almost every aspect of daily life. Alibaba’s share falls about 30% from its 2020 peak, hit by the deepening investigation and allegations of monopolistic practices to the crown jewel of billionaire Jack Ma’s empire.

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