JD.com (NASDAQ:JD) advanced in premarket trades after China's largest online direct sales company unveiled a plan to buy back up to $1bn of its American depositary shares in the next 24 months.
ADRs of JD.com rose as much as 5.4% to $24.05 as of 9:11 a.m. in New York. The stock had lost 1.4% this year through Friday, compared with a 6.7% loss for the S&P 500 (INDEXSP:.INX).
The Beijing, China-based company plans to fund repurchases made under this program from its available cash balance.
A number of Chinese companies, including Baidu (NASDAQ:BIDU) and Alibaba (NYSE:BABA) have unveiled buyback plans as the world’s second-largest economy slows.