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Alibaba's Ma, Tsai to buy back $500 million in shares

Reuters
Alibaba Executive Chairman Jack Ma attends the opening ceremony of the second annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China, December 16, 2015. REUTERS/Aly Song/Files (Reuters)

SHANGHAI (Reuters) - Alibaba Group Holding Ltd said on Monday Chairman Jack Ma and Vice Chairman Joe Tsai have agreed to buy back a combined $500 million in company shares, part of a $4 billion stock repurchase scheme announced in August. The buyback comes as the e-commerce firm's shares languish at $66.91, more than a dollar off their IPO price of $68, and as it struggles with slowing growth and a gloomy outlook for the Chinese economy. Sina News reported that Ma and Tsai had signed an agreement to use their private funds to repurchase shares worth $500 million. An Alibaba spokesman confirmed the news but declined to give details. In August, Alibaba announced the $4 billion share repurchase programme which would take place over two years and was aimed at offsetting the impact of its share-based compensation programmes. (Reporting by John Ruwitch; Editing by Miral Fahmy)