Alibaba Hikes Buybacks to $25 Billion as Crackdown Signals Ease

The mascot for Alibaba Group Holding Ltd.'s Taobao e-commerce platform near the company's headquarters in Hangzhou on Feb. 21. Photo: Bloomberg

(Bloomberg) — Alibaba Group Holding Ltd. ramped up its share buyback program to $25 billion, expanding that arsenal for a second time in less than a year to stanch a $470 billion loss of value during Beijing’s internet crackdown.

The board of China’s e-commerce leader has approved the program, which will run for two years through to March 2024, the company said in a statement. It also appointed a new independent director in Shan Weijian, chairman of alternative asset management house PAG. Shan, a longtime investor in Chinese companies, will replace Ericsson CEO Börje Ekholm from March 31.