Alibaba is boosting its share buyback program to $25 billion from $15 million in “a sign of confidence about the company’s continued growth in the future”, according to a company statement released on Monday. The Chinese tech giant has so far purchased 56.2 million American depositary shares under a previously announced $9.2 billion buyback program that was initially slated to last until the end of this year. The e-commerce behemoth has also announced that Shan Weijian, executive chairman of investment group PAG, has been appointed as independent director to the company’s board. The upsized buyback plan comes shortly after Chinese regulators pledged to adopt policies favorable to economic stability last week, comments thought to be indicate a policy adjustment that will see a softened regulatory stance towards tech companies. [Alibaba press release]
