Alibaba provides an update on the buyback program to Investing.com

Investing.com — Alibaba (NYSE: ) repurchased 414 million common shares, equivalent to 52 million American depositary shares (ADS), in the quarter ended Sept. 30 at a total cost of $4.1 billion, a filing showed on Wednesday regulation.

The Chinese internet giant said these buybacks took place in both the US and Hong Kong markets as part of its share buyback program.

As of September 30, Alibaba had 18,620 million ordinary shares outstanding, which is equivalent to 2,327 million ADSs.

That reflects a net reduction of 405 million common shares since June 30, or a 2.1% decrease, after accounting for shares issued through its employee stock plan (ESOP).

Alibaba had $22 billion left in its buyback program as of Sept. 30.

BABA, along with other Chinese tech stocks, has rallied significantly over the past week, hitting the highest levels in over a year, following new stimulus measures announced by China’s central bank to boost the country’s economy.

Last Thursday, US-listed Alibaba shares closed above $100 for the first time since August last year. The stock has continued its upward trajectory in recent days, rising more than 20% in the past five trading sessions.

Chinese stocks listed in Hong Kong rose sharply on Wednesday, marking their biggest gain in nearly two years, boosted by optimism over new stimulus measures.

The index rose 7.1 percent, its 13th straight day of gains, with real estate developers and brokerage firms leading the charge. Real estate stocks rose 47 percent, while brokerage stocks surged 35 percent, both record intraday moves.

The rally follows a series of government moves aimed at boosting China’s economy, including interest rate cuts, increased liquidity for banks and support for stocks.

In addition, four major cities eased restrictions on home purchases and the central bank cut mortgage rates. Mainland markets remain closed until October 8 for the holiday.