NetEase (NTES) Approves $500M Common Stock Buyback Program
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Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 0.4%
EPS Growth %: +439.2%
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NetEase (NASDAQ: NTES) announced that its board of directors has approved a new share repurchase program of up to US$500 million of the company's outstanding American Depositary Shares (ADSs) for a period not to exceed 12 months. NetEase plans to fund repurchases made under this program from available working capital.
Under the terms of the approved program, NetEase may repurchase its issued and outstanding ADSs in open-market transactions on the NASDAQ Global Select Market. The timing and dollar amount of repurchase transactions will be subject to U.S. Securities and Exchange Commission (SEC) Rule 10b-18 requirements. It is also expected that such repurchases will be effected pursuant to a plan in conformity with SEC Rule 10b5-1.
The extent to which NetEase repurchases its ADSs will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by NetEase's management team. The repurchase program may be suspended or discontinued at any time.
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