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Alibaba to buy back USD 500 million in shares

Alibaba to buy back USD 500 million in shares
A woman walks past an Alibaba advertisement on a wall in Hangzhou, Zhejiang province September 26, 2013. Chinese e-commerce giant Alibaba Group Holding Ltd will pursue an IPO in the United States after talks with Hong Kong regulators broke down, a move bound to set off a dogfight between the two main U.S. stock exchanges for the offering. REUTERS/Chance Chan (CHINA - Tags: BUSINESS) CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA - RTX14096

New Delhi : Chinese e-commerce company Alibaba Group Holding Ltd has said that the company’s chairman Jack Ma and vice chairman Joe Tsai have agreed to buy back a combined USD 500 million in company shares.

The move is part of a USD 4 billion stock repurchase scheme announced by the e-commerce giant in August last year, Reuters reported.

The company’s spokesperson confirmed the news but refused to give further details.

By repurchasing shares Alibaba aims at offsetting the impact of its share-based compensation programmes. (ANI)