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Will JD.Com Inc (ADR) (JD)’s Share Buyback Program Shore Up Its Stock Price?

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The management of the Chinese e-commerce company JD.Com Inc (ADR) (NASDAQ:JD) have announced a share buyback program amid the recent slump of the country’s stock market. The company has announced that up to $1 billion worth of American Depositary Shares (ADS) will be bought over the next two years, using cash available to perform this operation. Chase Coleman‘s Tiger Global Management is very bullish on this stock, which is also their largest equity holding.

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One of Alibaba Group Holding Ltd (NYSE:BABA)’s main competitors, JD.Com Inc (ADR) (NASDAQ:JD) has seen its stock plunge by roughly 30% during the month of August, as worries about China’s economy have tipped stock markets into turmoil. The slump has prompted a host of Chinese companies, Alibaba among them, to announce share buyback programs in a bid to revitalize their respective stock performances. Today’s news has invigorated JD.Com Inc (ADR) (NASDAQ:JD), with shares advancing by as much as 13% during the first 30 minutes of trading.

We track hedge funds and prominent investors because our research has shown that historically their stock picks delivered superior risk-adjusted returns. This is especially true in the small-cap space. The 50 most popular large-cap stocks among hedge funds had a monthly alpha of about 6 basis points per month between 1999 and 2012; however the 15 most popular small-cap stocks delivered a monthly alpha of 80 basis points during the same period. This means investors would have generated 10 percentage points of alpha per year simply by imitating hedge funds’ top 15 small-cap ideas. We have been tracking the performance of these stocks since the end of August 2012 in real time and these stocks beat the market by 60 percentage points (118% return vs. S&P 500’s 57.6%% gain) over the last 34 months (see more details here).

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