Billionaire investor Ryan Cohen has built a stake in China's Alibaba Group worth hundreds of millions of dollars and is pushing the e-commerce giant to increase and speed up share buybacks, people familiar with the matter said on Monday.
In his communications, Cohen told Alibaba he thought the company could reach double-digit sales growth and nearly 20% free cashflow growth over the coming five years, according to the sources.
Alibaba in November raised the size of its share repurchase program to $40 billion, increasing it by $15 billion, and said it would extend the time frame for the program through the end of March, 2025. Alibaba's ADRs, traded in the United States, closed at $117.01 on Friday, up 30% since early August and up 27% this year. The price however remains far off its high of more than $300 a share hit during the COVID-19 pandemic.
Over roughly the same period, Alibaba has steadily escalated its share buyback program. It first announced the scheme at the end of 2020, pledging to buy back $10 billion over a two-year period.The Chinese e-commerce company could find a blueprint in how Apple has helped its own stock price as it repurchased shares, the people said. Cohen owns a stake in Apple worth roughly $800 million, they said.
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