JD.com shares climb after announcing $5 billion share buyback, outperforming decline in Hang Seng
Publishing timestamp: 2024-08-27 23:54:55
Summary
JD.com's shares rose after announcing a $5 billion buyback, outperforming the Hang Seng Index. This is the second buyback this year for JD.com, following a $3 billion buyback in March. The decision to announce a share buyback is seen as common in China when share prices and growth are low, with other e-commerce players like Vipshop also increasing their buyback programs. China's e-commerce sector has been facing challenges due to a slow domestic economy, with companies like Alibaba and Pinduoduo missing revenue and earnings expectations in recent quarters.
Sentiment: NEUTRAL
Keywords: business news, retail industry, jd.com inc, vipshop holdings ltd, earnings, breaking news: business, hang seng index,
Source: https://www.cnbc.com/2024/08/28/jd-shares-inch-up-after-announcing-5-billion-share-buyback.html