Alibaba Group Holding Ltd said on Sunday its board has authorized an increase in the company's share repurchase program (Alibaba Group stock) to $10 billion from $6 billion.

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Alibaba Group Holding Ltd said on Sunday its board has authorized an increase in the company's share repurchase program to $10 billion from $6 billion. (Alibaba Group stock) 

"This Share Repurchase (Alibaba Group stock)  Program will be effective for a two-year period through the end of 2022," Alibaba said in a statement late on Sunday.