Alibaba Group (NYSE:BABA) shares rose more than 11% after it announced a major buyback programme, boosting Scottish Mortgage Investment Trust PLC (LSE:SMT) (SMT), a major shareholder.
About 5.8% of Scottish Mortgage's funds are invested in the Chinese retailer – the FTSE 100-listed trust's single biggest holding.
Hong Kong-listed shares of the Chinese e-commerce giant surged after announcing it would raise its buyback programme from US$15bn to US$25bn over the next two years.
Since hitting an all-time high in October 2020, the Hangzhou-headquartered e-commerce giant's stock has lost around two-thirds of its value.
Shares in SMT were largely unchanged at 1,012p in morning deals.