NetEase Launches New $500 Million Stock Buyback Program

NetEase Inc. said it will launch a new program to buy back up to $500 million worth of its U.S.-listed stock, to be completed within the next 12 months. The China-based Internet technology company plans to fund the repurchases from available working capital. The stock slumped 5.7% in premarket trade Tuesday, as broad losses in overseas markets spills over into U.S. trade. The stock has gained 12% year to date through Monday, while the S&P 500 has lost 4.2%.