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.
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.
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