Chinese e-commerce platform JD announced that its board of directors had approved a stock repurchase plan and the company would repurchase up to USD2 billion stocks in the next 24 months.
JD said that it would conduct stock repurchase irregularly through the open market, privately negotiated transactions, block transactions or other legal forms in accordance with relevant regulations. Its specific repurchase price and scale would depend on market conditions.
JD’s board of directors will evaluate the stock repurchase plan periodically and may adjust its repurchase conditions and scale accordingly.
JD will use the cash in hand to fund the stock repurchase plan. By December 31, 2019, the company’s total cash, cash equivalents, restricted cash and short-term investments were CNY59.2 billion, which was about USD8.3 billion.
Source: ChinaTechNews.com
