Chinese B2B e-commerce group Alibaba.com has notified the Hong Kong Stock Exchange that the company has spent HKD4,296,950 buying back one million shares at prices ranging from HKD4.23 to HKD4.35 per share.

Prior to this announcement, Alibaba.com's board of directors approved a HKD2 billion repurchase plan. The plan will be implemented in accordance with the conditions of the market and the valid period for this plan will last until the end of 2009.

According to Alibaba.com's financial report for the third quarter of 2008, the company's operating revenue rose 37% year-on-year to CNY780.2 million. Its net profits increased by 49% year-on-year to CNY308.6 million, but a decrease of 22% compared with the second quarter of 2008.