Buyback scheme to boost Alibaba stock price
Print Edition
ALIBABA Chairman Jack Ma and Joseph Tsai, its vice chairman and chief financial officer, will use their private funds to buy back up to US$500 million worth of shares.
The move by Ma and Tsai to buy back the company’s shares is seen as a bid to bolster the share price which has fallen more than 26 percent since its debut on the New York Stock Exchange in September 2014, according to an e-mailed statement yesterday. The shares closed at US$66.91 on Friday.
Investors have hammered the New York-listed shares of Alibaba as a proxy for China’s falling economic growth, weakening currency and domestic stock market turmoil.
In August, Alibaba unveiled a US$4 billion share buyback plan which will take place over two years. But the plan didn’t state how much Ma and Tsai would use of their own money in the share buyback.
By the end of September, the company had bought back US$740 million worth of shares under the plan.
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