Chinese Alibaba directed $4.8 billion in the quarter ending in March this year under its share buyback program. Reuters reported this.
The current amount of funds directed for the quarter became the second largest in the company’s history. Only more was in July-September 2021 when Alibaba repurchased its own shares for $5.1 billion. The company repurchases its securities on American and Hong Kong stock exchanges. In the previous quarter, Alibaba spent $2.9 billion on buyback.
In February of this year, Alibaba’s board of directors approved an increase in the buyback volume to $25 billion. It is expected that the share repurchase process will be in effect until the end of March 2027.