JD.com Boosts Share Buyback as China Clampdown Weighs on Tech

A JD.com worker wears a jacket featuring the company’s logo at a sorting center in Beijing on Oct. 15. Photo: Bloomberg

(Bloomberg) — JD.com Inc. is boosting its share buyback plan by 50%, the latest in a slew of tech firms to repurchase stock after China’s regulatory crackdown over the past year sparked a selloff.

The country’s No. 2 online retailer will set aside $3 billion for the buyback program, which will be extended until March 2024, it said in a filing Wednesday. That’s up from the $2 billion it had targeted under the plan originally adopted in March 2020. JD.com fell as much as 2.1% on Wednesday as Chinese technology shares in Hong Kong extended their declines.