Name: Alibaba's $10 billion buyback plan fails to stop sell-off
Uploaded: 2020-12-29T18:25:19.000Z
Duration: 1 min 20 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

shares of Alibaba in Hong Kong plunged on Monday to their lowest level since June as worries mount over a regulatory crackdown by the Chinese government on co founder Jack Ma's e commerce and financial empire.

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The company saw its shares get pummeled for the second straight session in a selloff that has knocked almost $116 billion off the tech giant's Hong Kong listed shares that came to spy Alibaba on Monday, announcing it was increasing its share buyback program from $6 billion to $10 billion.

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What would have been good news for investors failed to ease their concerns after Chinese regulators announced last week the launch of an antitrust probe into Alibaba and said they would summon its Fintech affiliate Ant Group to meet putting investors.

More on edge was news over the weekend that China's central bank had asked and to shake up its lending and other consumer finance operations.

Last month, Chinese regulators abruptly suspended Ants Blockbuster $37 billion initial public offering in Shanghai and Hong Kong, which was on track to be the world's largest.

They suspended it just two days before its planned debut.

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Alibaba's $10 billion buyback plan fails to stop sell-off

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