China’s to buy back $2 billion shares amid coronavirus fears

FILE PHOTO: sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song/File Photo

(Reuters) – China’s e-commerce company Inc (JD.O) said on Tuesday it would buy back up to $2 billion of its shares as the coronavirus outbreak grows bigger.

JD said it expects to fund the buyback, which will take place over the next 24 months, with existing cash.

Last week, SoftBank Group Corp (9984.T) said it was repurchasing up to $4.8 billion of its shares after their recent slump.

Shares of JD were up more than 7% in premarket trading.

Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli

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