Alibaba to buy back up to $ 4b in shares
The Chinese Alibaba Group Holding will buy back shares of up to $4 billion, according to the company's management. The program, designed for two years, and is needed to support the price of securities of Alibaba, which is under pressure of investors' concerns about a slowing Chinese economy, the Bloomberg agency informs. For the reporting quarter (ended June 2015) revenue of the Chinese holding company increased by 28% to 20.2 billion yuan (about US $3.2 billion) - compared to an average growth of 56% in the past 12 quarters. Gross turnover of Alibaba, which reflects transactions in the Chinese online platforms, grew by 34% to 673 billion yuan for the reporting quarter. Analysts surveyed by Bloomberg, expected the growth of 38%.