(Reuters) - Chinese e-commerce company JD.com Inc, which has lost a third of its market value since mid-June, said on Tuesday it planned to buy back up to $1 billion of its American Depositary Shares (ADS) over the next two years.
JD.com joins several other big Chinese companies, including far-larger rival Alibaba (NYSE:BABA) Group Holding Ltd, that have announced buyback plans recently as worries about China's economy hits share prices.
The company, whose shares were up 10.5 percent at $25.18 in early trading, reported a 61 percent rise in second-quarter revenue in August as the number of shoppers and goods bought on its platform jumped. But it forecast slower growth in the current quarter.
JD.com also reported another net loss in the latest quarter as it invests heavily in its offline operations to complement its Internet platform, taking activities such as warehousing and deliveries into its own hands.