China’s board approves share buyback program of up to $1 billion

China e-commerce giant Inc. JD, -6.31% said Wednesday its board has approved a share buyback program of up to $1 billion. The company said it plans to fund the program using its existing cash balance. Shares were indicating higher premarket, but are down 52.3% in 2018, while the S&P 500 SPX, -2.71% has fallen 12.1%.

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