Alibaba Buys Back 667,200 Shares, Logs Record Quick-Commerce Orders

Alibaba Group Holding Ltd. said it repurchased 667,200 of its American depositary shares on the New York Stock Exchange on Aug. 28 for about $9.99 million. The transaction forms part of the e-commerce giant’s ongoing share-buyback program aimed at reducing share count and returning capital to investors. Separately, an Alibaba executive reported that the company’s quick-commerce operation reached a peak daily order volume of 120 million in August, while the weekly average stood at about 80 million daily orders. The figures underscore rapid growth in the one-hour delivery service as Alibaba seeks to deepen engagement with consumers in China’s highly competitive online retail market.