Vipshop Plans $1B Share Buyback Program

• Vipshop Holdings Ltd (NYSE:VIPS) board of directors has authorized a new share repurchase program for up to $1 billion of its American depositary shares or Class A ordinary shares over the next 24-month period.
• The company's board will review the share repurchase program periodically and may authorize adjusting its terms and size.
• The company held $2.7 billion in cash and equivalents as of December 31, 2021.
• Vipshop Holdings is an online discount retailer for brands in China.
• Price Action: VIPS shares are trading higher by 8.58% at $10.00 in premarket on the last check Thursday.