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Alibaba raises stock buyback plan to $10 billion, but shares continue to sink

Alibaba Group Holding Ltd. increased its stock repurchase program late Sunday from $6 billion to $10 billion, but shares still sank in Hong Kong trading amid an antitrust investigation by Chinese regulators.

In a statement Sunday, Alibaba said its board of directors had approved the larger repurchase, to last through 2022. The stock repurchase program began earlier this quarter.

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