Investing.com -- Alibaba (NYSE:BABA) bought back 414 million ordinary shares, equivalent to 52 million American depositary shares (ADSs), during the quarter ending September 30, at a total cost of $4.1 billion, a regulatory filing showed on Wednesday.
The Chinese internet giant stated that these buybacks occurred in both the U.S. and Hong Kong markets as part of its share repurchase program.
By September 30, Alibaba had 18,620 million ordinary shares outstanding, which is equivalent to 2,327 million ADSs.
This reflects a net reduction of 405 million ordinary shares since June 30, or a 2.1% decrease, after accounting for shares issued through its employee stock ownership plan (ESOP).
Alibaba had $22 billion remaining on its buyback program as of September 30.
BABA, alongside other Chinese tech stocks, saw a significant rally over the past week, reaching their highest levels in over a year following new stimulus measures announced by China’s central bank to boost the country's economy.
Last Thursday, Alibaba’s U.S.-listed shares closed above $100 for the first time since August of last year. The stock continued its upward trajectory in the past days, surging more than 20% across the last five trading sessions.
Chinese stocks listed in Hong Kong surged sharply on Wednesday, marking their largest jump in nearly two years, driven by optimism over new stimulus measures.
The Hang Seng China Enterprise (CEI) Index rose 7.1%, its 13th consecutive day of gains, with property developers and brokerage firms leading the charge. Property stocks soared by 47%, while brokerage shares jumped 35%, both record intraday moves.
The rally follows a series of government actions aimed at stimulating China's economy, including interest rate cuts, increased liquidity for banks, and support for stocks.
Moreover, four major cities eased home-buying restrictions, and the central bank lowered mortgage rates. Mainland markets remain closed until October 8 for a holiday.
This content was originally published on Investing.com
