Program is second this year (Il Sole 24 Ore Radiocor) - New York, 27 Aug - US-listed shares in JD.com jumped in premarket trading after the Chinese e-commerce group announced a share buyback program of up to 5 billion dollars.

The program, its second this year after a 3 billion dollar repurchase in March, is effective as of September and will give the e-commerce giant 36 months to buy back the stock.

The move comes as China's major e-commerce retailers engage in fierce competition to win business against the backdrop of a flagging Chinese economy.

Earlier this month, US giant Walmart sold its whole 3.7 billion dollar stake in JD.com.

At 1212 GMT the US-listed shares of JD.com were 3.5% higher.

AAA-Sje

(RADIOCOR) 27-08-24 14:29:34 (0336) 5 NNNN