Chinese internet giants buying back own shares to boost market value amid stock rout

Beijing [China], April 3 (ANI): Chinese internet giants are buying back their own shares at a record pace, aiming to boost their market value amid a historic stock rout in the world's second-largest economy, CNN reported.

Alibaba Group (BABA) announced Tuesday that it had bought back USD 12.5 billion of shares from the US and Hong Kong markets, representing 5.1 per cent of its outstanding shares, in the fiscal year ended