(Reuters) – China’s Baidu Inc stated on Wednesday its board accredited a plan to purchase again as much as $1 billion of its shares, with repurchases happening over the following 12 months.

FILE PHOTO: A Baidu signal is seen through the fourth World Web Convention in Wuzhen, Zhejiang province, China, December four, 2017. REUTERS/Aly Music

The Nasdaq-listed search engine big stated the repurchases shall be funded from the corporate’s present money stability.

Baidu shares have risen about 40 % prior to now yr and closed at $250.77 on Tuesday.

The corporate stated its board would overview the share repurchase program periodically, and should regulate its phrases and measurement.

In July 2015, Baidu introduced a $1 billion share buyback plan after the corporate’s inventory value slid following a weak earnings report. (reut.rs/2MqUHpS)

Final Could, Alibaba Group Holding Ltd stated it deliberate to purchase again shares price as much as $6 billion over two years.

Reporting by Ismail Shakil in Bengaluru; Enhancing by Bernard Orr