Chinese e-commerce giant JD announced on Tuesday night that it has approved plans to repurchase up to $5 billion of shares from September 2024 through the end of August 2027, a move industry insiders said will shore up investor sentiment and market confidence.

The share buyback plan came just a few days after US retailer Walmart sold its entire $3.7 billion stake in the Chinese firm and is shifting the focus to its operations in China. However, JD said has full confidence in future cooperation between the two sides.

This move also marks JD's second share buyback announcement this year, after announcing a $3 billion repurchase in March.

fanfeifei@chinadaily.com.cn