Alibaba shares fell 8.4%. Then Joe Tsai and Eddie Wu went shopping

Alibaba’s two most senior executives bought about $15.3m of their own company’s shares on Monday. The stock had just fallen further than at any point in more than a year.

Chairman Joe Tsai and chief executive Eddie Wu spent a combined HK$120m, according to filings with the Hong Kong exchange.

What each of them bought

Tsai paid roughly HK$80m for 720,000 shares. Wu bought 350,000 for about HK$40m.

Xinmei Shen and Coco Feng reported the purchases for the South China Morning Post, which called them a vote of confidence.

Both men filed separately with the exchange on Monday afternoon, hours after the market opened against them.

Between them the two own less than 2% of the company, Luz Ding noted for Bloomberg. The purchases barely move that.

The HK$120m they spent comes to roughly 0.15% of what the placement raises.

What the stock did first

Alibaba fell as much...

Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE