ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
On August 12, 2015, we announced the implementation of the 2015 Share Repurchase Program in an aggregate amount of up to
US$4.0 billion over a period of two years. We have repurchased ADSs representing our ordinary shares on the open market under purchase plans adopted to implement the 2015 Share Repurchase
Program. In addition, Jack Ma, our executive chairman, and Joe Tsai, our executive vice chairman, have jointly
217
Table of Contents
entered
into our plans as affiliated purchasers. On May 18, 2017, we announced the adoption of the 2017 Share Repurchase Program in an aggregate amount of up to US$6.0 billion over a
period of two years. The new program replaced, and cancelled the remaining amount under, our 2015 Share Repurchase Program.
On
June 2, 2016, we entered into a share purchase agreement with SoftBank, pursuant to which we repurchased 27,027,027 ordinary shares from SoftBank.
In
addition, our equity incentive award agreements generally provide that, in the event of a grantee's termination for cause or violation of a non-competition undertaking, we will have
the right to repurchase the shares acquired by the grantee, generally at par or the exercise price paid for these shares. See "Item 6. Directors, Senior Management and
Employees B. Compensation Equity Incentive Plans." In addition, when an employee leaves our company, we repurchase any
shares acquired by the employee pursuant to early-exercised but unvested options.
The
table below summarizes the repurchases we made in the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Month
|
|
Total Number of
Ordinary
Shares
Purchased
(1)
|
|
Total Price
Paid
(1)
(US$)
|
|
Average Price
Paid Per
Ordinary
Share
(2)
(US$)
|
|
Total Number of
Ordinary
Shares
Purchased as
Part of Share
Repurchase
Program
(3)
|
|
Approximate
Dollar Value of
Ordinary Shares
that May Yet Be
Purchased
Under Share
Repurchase
Program
(4)
(US$, in millions)
|
|
April, 2016
|
|
|
50,000
|
|
|
925,000
|
|
|
18.50
|
|
|
|
|
|
900
|
|
May 2016
|
|
|
39,375
|
|
|
728,438
|
|
|
18.50
|
|
|
|
|
|
900
|
|
June 2016
|
|
|
27,040,777
|
|
|
2,000,254,373
|
|
|
73.97
|
|
|
|
|
|
900
|
|
July 2016
|
|
|
75,000
|
|
|
1,387,500
|
|
|
18.50
|
|
|
|
|
|
900
|
|
August 2016
|
|
|
6,250
|
|
|
115,625
|
|
|
18.50
|
|
|
|
|
|
900
|
|
September 2016
|
|
|
26,112
|
|
|
|
|
|
Par value
|
|
|
|
|
|
900
|
|
October 2016
|
|
|
6,250
|
|
|
115,625
|
|
|
18.50
|
|
|
|
|
|
900
|
|
November 2016
|
|
|
875
|
|
|
88,979
|
|
|
101.69
|
|
|
|
|
|
900
|
|
December 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
January 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
February 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
March 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
-
(1)
-
Includes
(i) 27,027,027 ordinary shares we repurchased from SoftBank in June 2016 and (ii) an aggregate of 217,612 ordinary shares,
including 190,625 ordinary shares underlying unvested awards, we repurchased pursuant to our equity incentive award agreements.
-
(2)
-
Ordinary
shares we repurchased pursuant to our equity incentive award agreements were generally repurchased at par or the exercise price paid by the grantee for
these shares.
-
(3)
-
Includes
only those ADSs representing our ordinary shares we repurchased pursuant to the 2015 Share Repurchase Program.
-
(4)
-
Our
2015 Share Repurchase Program, implemented in August 2015, authorized the repurchase in an aggregate amount of up to US$4.0 billion over a period
of two years. We have utilized US$3.1 billion under the 2015 Share Repurchase Program. Our 2017 Share Repurchase Program, which was adopted in May 2017 and replaces, and cancels the
remaining amount under, the 2015 Share Repurchase Program, authorized the repurchase in an aggregate amount of up to US$6.0 billion over a period of two years.