Alibaba Group Holding ups buybacks to $25 billion; crackdown to ease

Move represents one of the largest shareholder-reward programmes

Alibaba Group Holding  soared 11 per cent after ramping up its share buyback program to $25 billion, fueling hopes that Beijing is easing off an internet crackdown that wiped out $470 billion of the e-commerce giant’s value.

The board approved the program, which will run for two years through to March 2024, the company said. 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 Chief Executive Officer Börje Ekholm from March 31.

Alibaba’s up-sized buyback represents one of the largest shareholder-reward programs in China’s