Vipshop stock rises after $500 million ADS buyback program set
The U.S.-listed shares of Vipshop Holdings Ltd. (VIPS) hiked up 1.4% toward an eight-week high in premarket trading Friday, after the China-based online apparel and accessories seller said it set a new program to repurchase up to $500 million worth of its American depositary shares. That would represent up to 5.6% of the company's market capitalization of $8.98 billion as of Thursday's close, according to FactSet data. The company said the repurchases may be made in the open market or in privately negotiated deals. The stock has climbed 12.3% year to date through Thursday, while the iShares MSCI China exchange-traded fund (MCHI) has gained 6.1% and the S&P 500 has advanced 5.5%.
-Tomi Kilgore
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March 31, 2023 06:11 ET (10:11 GMT)
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