Leading Chinese multinational company specializing on e-commerce and technology Alibaba Group Holding (BABA) announced having increased size of its share buyback program from $6 billion to $10 billion.
This revision came moments after its share price plunged by more than 7% to HK$212.20 ($27.37).
“This Share Repurchase Program will be effective for a two-year period through the end of 2022,” said Alibaba in a statement.
All this comes barely a week after china’s market regulator initiated an antitrust investigation into Alibaba which the regulator terms as a probe on anticompetitive behavior in China’s booming cloud business.
Adding salt on injuries, Alibaba’s affiliate Ant Group Co was suspended from holding its mammoth $37 billion initial public offering by financial regulators.
Ant’s IPO was set to debut on two markets Hong Kong Stock Exchange and Shanghai Stock Exchange. The financial regulators directed Ant to rectify the financial regulatory violations it had committed so as to proceed with the much anticipated IPO.