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Business announces USD 1 bln share buyback plan
2018/12/27 04:05:59
China's News, China's Financial News,

Dec 27, 2018 (China Knowledge) - has just announced its USD 1 billion share buyback plan which will take place over the next 12 months.

The company, which is China’s second largest e-commerce platform has seen its share price plunge by over 60% this year amid bouts of negative publicity surrounding it.’s share price rose by nearly 7% yesterday to close at USD 21.10 per share.

Last month, failed to meet revenue targets for its third quarter and reduced its guidance for the year-end results, sending its stock price plummeting. Revenue for the three months ended September stood at USD 15.3 billion, increasing by 25% YoY.

However, the company reduced its year-end guidance to between USD 18.9 billion and USD 19.7 billion, failing to meet shareholder expectations.

In addition, the company’s CEO Richard Liu has also been embroiled in sexual assault charges and allegations over the year although law enforcement officials have now decided against pressing charges, providing some much-needed positive news for the company.

Last week, embarked on a corporate restructuring program which will place increased business focus on customer engagement. The move aims to make the company more responsive to customer needs and industry changes.

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