JD.com unveils $5bn, 36-month share buyback plans

27th Aug 2024 11:30

(Sharecast News) - Chinese e-commerce giant JD.com unveiled a new $5bn share buyback programme on Tuesday, set to begin in September and extend over the next 36 months.

The company's board approved the move, as JD.com faced increasing competition in China's e-commerce sector.

According to Retuers, major players in the sector were intensifying promotions and discounts to attract consumers amid a sluggish economy.

The buyback came after US retail giant Walmart recently decided to divest its entire $3.7 billion stake in JD.com, ending an eight-year investment.

Shares in JD.com closed down 3.69% in Hong Kong on Tuesday.

At 0651 EDT (1151 BST), they were up 4.15% in premarket trading in New York, at $26.87.

Reporting by Josh White for Sharecast.com.