Alibaba and Tencent Ramp Up Stock Buybacks Amid Market Selloff, Alibaba Allocates $26 Billion

Alibaba is intensifying its stock buyback efforts as its share prices continue to decline. The company has reported that it still has $26 billion allocated for buybacks. This move is part of a broader trend in the Chinese market, with other major companies like Tencent also engaging in significant buybacks. Tencent recently repurchased 2.67 million shares for HK$1 billion in Hong Kong.