Jumei to Launch $100 Million Share Buyback Plan
Jumei International Holding Ltd. (NYSE: JMEI) said today its board authorized the repurchase of $100 million of its shares over the next 12 months. The Beijing-based company, a leading online retailer of beauty products, said the board would review the program periodically and might adjust its terms and size. The share repurchases would be made using existing funds, the company said. Jumei, which went public four years ago at $22 per share, was trading at $2.72 per share this morning in New York, up more than 6 percent after the announcement. The company, which filed its annual report today, showed cash and short-term investments of $365 million.