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Asian equities were mixed but mostly lower overnight as Hong Kong and Pakistan outperformed.
Alibaba announced that the company repurchased $5.8 billion worth of shares in the first quarter with $26.1 billion remaining in the current program, which extends through the first quarter of 2027. This monster program is a significant catalyst. The Hong Kong shares’ inclusion in Southbound Stock Connect could be another potential strong catalyst for the stock, as almost 10% of Tencent’s market cap is held by Mainland investors, who understand these companies better than anyone else, through the program.
Hong Kong…
