News out this morning that Alibaba has increased its stock buyback plan to $25 billion. 13% pop on the stock this morning.
Far less reported in western media is Chinese tech companies are doing massive layoff’s. Tencent 20% and expected to get to 30%, Baba 30%, ByteDance, Bidu, iQiyi, etc. Chinese government tech crackdown, general economy slowdown, and the current headcount slashing means Chinese tech growth era officially coming to an end or to a pause. Now Chinese tech firms don’t know what to do with those capital, they are returning them to shareholders.
If regulatory risk is not there, then you have a great floor under these stock prices.