<article>Chinese search giant Baidu Inc. has approved a plan to buy back as much as $1 billion of its own shares over the next 12 months, a move that may help prop up its stock as global market volatility grows.</article>

Chinese search giant Baidu Inc. has approved a plan to buy back as much as $1 billion of its own shares over the next 12 months, a move that may help prop up its stock as global market volatility grows.
Its board has green-lit a program to use existing cash to buy shares in the open market at prevailing prices, the Beijing-based company said in a statement Wednesday. It will review that program periodically and may adjust its terms and size.
Baidu’s shares are up more than 7 percent this year, just underperforming the Nasdaq Composite’s gain but outstripping larger rival Tencent Holdings Ltd., which is down 7 percent in 2018.
Bloomberg

The plan to buy back as much as $1 billion of its own shares over the next 12 months may help prop up Baidu's stock as global market volatility grows.

Chinese search giant Baidu approves share buyback of up to $1b

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Chinese search giant Baidu approves share buyback of up to $1b

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief