Chinese internet giants like Alibaba and Tencent are buying back shares to boost market value.

From ANI News: 2024-04-03 09:07:00

Chinese internet giants like Alibaba and Tencent are engaging in record share buybacks to boost market value amid a stock rout. Alibaba repurchased $12.5 billion worth of shares, while Tencent spent $6.3 billion in 2023 and plans to double that in 2024. Overall, companies in Hong Kong and mainland China have spent $16.1 billion and $16.6 billion respectively on share buybacks. Despite some market rebound, challenges like economic slowdown and global selling of Chinese assets persist. Investors are cautious about the long-term impact of these buybacks on global investor confidence in Chinese stocks.



Read more at ANI News: Chinese internet giants buying back own shares to boost market value amid stock rout