Tag: baba

Alibaba Group Boosts Share Buyback to US$15B
Ecommerce, Tech

Alibaba Group Boosts Share Buyback to US$15B

Alibaba Group said on Tuesday it has upsized its share repurchase program to US$15 billion from US$10 billion through 2022, the largest in the tech giant’s history demonstrating confidence in its long-term sustainable development and value creation. The Hangzhou-headquartered company also said that it had repurchased about US$3.7 billion worth of its American depositary shares (ADSs) since April. The company’s revenue jumped 34% in the quarter ended June 30, propelled by strong momentum at businesses across its digital ecosystem.  Revenue surged to RMB205.7 billion (US$31.9 billion), up from the RMB153.8 billion posted in an exceptionally robust quarter a year earlier as the coronavirus pandemic in China drove a massive shift online across society.  Annual activ...
Alibaba to back HK$2 billion Greater Bay Area venture fund
Investments

Alibaba to back HK$2 billion Greater Bay Area venture fund

Chinese e-commerce giant Alibaba announced on Tuesday that it will back a venture fund of HK$2 billion ($257 million) that will invest in startups in the Greater Bay Area. The Greater Bay Are is an area located in Southern China and Beijing wants to turn into the country's growth driver. The company did not reveal its initial investment in the Greater Bay Area fund but Cindy Chow, executive director of the Alibaba Hong Kong Entrepreneurs Fund, said the new fund will seek to participate in Series B or later rounds. They can either be Hong Kong startups planning to expand into the Greater Bay Area or native to the region. The Greater Bay Area is a national initiative led by the central government to create a mega-economic hub comparable to other metropolitan clusters like Silicon Vall...