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. Hong Kong CNN — 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 Kong markets, representing 5.1% of its outstanding shares, in the fiscal year ended March 31. That…