JD Buys Back Shares on Amount of $1 Billion
JD, a Chinese online retailer, announced on Wednesday, December 26 that its Board of Directors approved share buyback program on amount of $1 billion, equivalent to about 3.5% of the Company’s market capitalization.
JD, Inc... announced today that its Board of Directors approved a share buyback program, according to which the company may repurchase its shares in amount of up to $1 billion over the next 12 months”, the release notes. It is specified that the share buyback will be financed at the expense of the Company’s free cash.
JD is the second largest online retailer in China after Alibaba Group Holding. The Company was founded in 1998 as a disc store, and then, in 2004, the company opened an online store.
The Company actively invests in the development of business of direct online sales, similar to the model of Amazon.com, as well as in creating its own logistics network.
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