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Alibaba bosses increase holdings

Xinhua, February 29, 2016 Adjust font size:

Alibaba chair Jack Ma and vice chair Joe Tsai have started purchasing stocks in the e-commerce firm with their own money, the Alibaba Group said on Monday.

The two have signed a deal to buy stocks worth 500 million U.S. dollars.

In August 2015, Alibaba announced a share repurchase program in an aggregate amount of up to 4 billion U.S. dollars over a period of two years.

Alibaba did not disclose any more details about the stock purchase.

By the end of October 2015, Ma owned 7.8 percent of Alibaba and Tsai 3.2 percent.

Alibaba's stock price rose 0.38 percent last Friday to 66.91 U.S. dollars per share. Endi