JD.com Unveils $1 Billion Buyback Program
September 08 2015 - 8:50AM
Dow Jones News
Chinese e-commerce retailer JD.com Inc. on Tuesday unveiled a $1
billion share buyback program, to be completed over the next two
years.
The buyback comes as JD.com's American depositary shares have
fallen by 29% in the past month, closing at $22.81 a piece on
Friday.
The buyback program is worth about 3% of the company's market
value.
JD.com competes with Alibaba Group Holding Ltd. in the
increasingly competitive Chinese online retail market.
During the past several months, Alibaba and other shopping sites
have tried to snag high-profile brands with exclusive contracts or
product launches and demanded vendors on their sites offer deep
discounts.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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(END) Dow Jones Newswires
September 08, 2015 08:35 ET (12:35 GMT)
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