HONG KONG (BLOOMBERG) – Alibaba Group Holding raised a proposed stock repurchase programme by US$4 billion to US$10 billion (S$13.3 billion), offering more support for its battered shares.

China’s e-commerce leader said on Monday (Dec 28) its board has authorised the increased programme, effective for two years through the end of 2022. It had started buying back shares this quarter.

Alibaba’s stock is down roughly 30 per cent from its 2020 peak, battered by deepening scrutiny of the giant Chinese internet sector and alleged monopolistic practices at the crown jewel of billionaire Jack Ma’s internet empire. On Sunday, Chinese regulators ordered Ma’s other online titan, Ant Group, to return to its roots as a provider of payments services, threatening to throttle growth in its most lucrative businesses of consumer loans and wealth management.