NetEase's Board Approves New Share Repurchase Program of up to $50M

NetEase.com, Inc. (NASDAQ: NTES) today announced that its board of directors has approved a new share repurchase program of up to US$50 million of the company's outstanding American Depositary Shares for a period not to exceed three months.

Under the terms of the approved program, NetEase may repurchase its issued and outstanding ADSs in open-market transactions on the NASDAQ Global Select Market. The timing and dollar amount of repurchase transactions will be subject to Securities and Exchange Commission Rule 10b-18 requirements. It is also expected that such repurchases will be effected pursuant to a plan in conformity with SEC Rule 10b5-1. NetEase plans to fund repurchases made under this program from available working capital.