June 27, 2018 / 10:25 AM / 3 months ago

China's Baidu to buy back up to $1 billion shares

(Reuters) - China’s Baidu Inc said on Wednesday its board approved a plan to buy back up to $1 billion of its shares, with repurchases taking place over the next 12 months.

FILE PHOTO: A Baidu sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 4, 2017. REUTERS/Aly Song

The Nasdaq-listed search engine giant said the repurchases will be funded from the company’s existing cash balance.

Baidu shares have risen about 40 percent in the past year and closed at $250.77 on Tuesday.

The company said its board would review the share repurchase program periodically, and may adjust its terms and size.

In July 2015, Baidu announced a $1 billion share buyback plan after the company's stock price slid following a weak earnings report. (reut.rs/2MqUHpS)

Last May, Alibaba Group Holding Ltd said it planned to buy back shares worth up to $6 billion over two years.

Reporting by Ismail Shakil in Bengaluru; Editing by Bernard Orr

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