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

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. 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 …