Stock Expands Share Buyback, Provides $ 2 Billion Inexperienced Mortgage; Inventory buying and selling decrease

© Reuters.

From Dhirendra Tripathi – ADRs (NASDAQ 🙂 fell 0.5% in early trading Wednesday, despite the company announcing that it would add 50% to its share buyback plan.

China's second largest online retailer is now ready to spend up to $ 3 billion to buy back its shares, fueling its ongoing $ 2 billion buyback. The buyback runs until March 17, 2024.

In a separate press release, the company said it has taken out a $ 2 billion five-year loan to fund its green projects and other corporate purposes.

JD's ADRs closed at $ 65.87 on Tuesday, down 2.7%.

Chinese tech companies' stocks have plummeted in recent months as investors, wary of increasing oversight by the country's regulators, sold off their holdings.

Today's decline is in line with recent weakness in Chinese technology stocks. Tencent Holdings Ltd (HK 🙂 shares closed 1.2% lower in Hong Kong today, while Alibaba (NYSE 🙂 fell 2.6%.

Tencent Holdings (OTC 🙂 's move last week to reduce its stake in and distribute its shares to its own shareholders has also kept the retailer's shares under pressure.

Rules proposed in China that prohibit foreign investment in certain sectors while scrutinizing companies trying to sell stocks overseas also weigh on its companies' stocks.

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