Chinese e-commerce giant Alibaba Group Holding said on Tuesday in a filing to the Hong Kong Stock Exchange that it has up-sized its share buyback program from $15 billion to $25 billion.

The company said it had already re-purchased about $9.2 billion of its U.S.-listed shares as of March 18 under its program. The share repurchase program will be effective for a two-year period through March 2024, according to the filing. 

Alibaba's shares had slumped in December 2020 after the then buyback amount of $10 billion failed to ease concerns about the company's future. 

Alibaba had raised its buyback to $15 billion last August.  

"The up-sized share buyback underscores our confidence in Alibaba's long-term, sustainable growth potential and value creation," said Alibaba Group's Deputy Chief Financial Officer Xu Hong.

"Alibaba's stock price does not fairly reflect the company's value given our robust financial health and expansion plans," said Xu. 

The company also announced Shan Weijian, the executive chairman of investment group PAG, as an independent director to its board, and said Ericsson Chief Executive Officer Borje Ekholm will retire from Alibaba's board, both effective from March 31. 

(With input from Reuters)