Alibaba (HKG:9988) granted share awards involving about 5.9 million underlying shares to employees under its 2024 equity plan, according to a Monday Hong Kong bourse filing.

Shares of the Chinese tech giant were up 1% in Tuesday afternoon trade.

The awards represent about 0.03% of the company's issued shares and carry no purchase price.

The awards will vest over periods of up to four years, with some vesting within 12 months, the filing said.