China’s JD.com to buy back $2 billion shares amid Coronavirus outbreak

On Tuesday, China’s e-commerce company JD.com Inc announced it would buy back up to $2 billion of its shares, after the business estimated a growth in sales in the current quarter that has been ravaged by the Coronavirus outbreak.

JD said it expects to fund the buyback, which will take place over the next 24 months, with existing cash.

Last week, SoftBank Group Corp said it was repurchasing up to $4.8 billion of its shares after their recent slump.

Shares of JD were up more than 7% in premarket trading.