China’s internet giants snap up their own shares to boost flagging stock market value | CNN Business

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Hong Kong CNN  — 

Chinese internet giants are buying back their shares at a record pace, as they try to boost their market value in the midst of a historic stock rout in the world’s second largest economy.

Alibaba Group (BABA) announced Tuesday that it had bought back $12.5 billion of shares from the US and Hong Kong markets, representing 5.1% of its outstanding shares,

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