Alibaba Group gains as Jack Ma, Tsai reportedly buy $200 million in stock

Alibaba Group Holding Ltd. shares jumped after the New York Times reported that founder Jack Ma has been buying up shares in the company.

Ma and Alibaba Chairman Joe Tsai have both being buying up shares in recent months as the stock plunged, the newspaper reported Tuesday, citing unidentified people familiar with the matter.

Alibaba’s US-traded shares gained as much as 6.6% as the market opened in New York, the most since last August. They’ve fallen 43% over the past 12 months as Alibaba, once the most valuable company in China, has fallen behind Chinese rivals like Tencent Holdings Ltd. and PDD Holdings Inc.