Published September 8, 2015 7:35am EDT | Updated September 8, 2015 10:07am EDT

JD.com To Buy Back Up To $1 Billion Worth Of ADSs

Chinese online direct sales company JD.com said Tuesday its board has approved a plan to buy back up to $1 billion of its American depositary shares in the next 24 months. Shares surged 7% in premarket trade, but are down 1.4% in the year so far, while the S&P 500 has lost 6.7%.