JD.com unveils $1 billion share buyback program

marketsforu

Chinese e-commerce retailer JD.com Inc. on Tuesday unveiled a $1 billion share buyback program, to be completed over the next two years.

The buyback comes as JD.com's American depository shares have fallen by 29% in the past month, closing at $22.81 a piece on Friday.

The buyback program is worth about 3% of the company's market value.

JD.com competes with Alibaba Group Holding Ltd. in the increasingly competitive Chinese online retail market.

During the past several months, Alibaba and other shopping sites have tried to snag high-profile brands with exclusive contracts or product launches and demanded vendors on their sites offer deep discounts.