Baidu Upsizes Share Repurchase Program to US$4.5 Billion
Baidu, Inc. (NASDAQ: BIDU) announced an increase in its 2020 Share Repurchase Program from US$3 billion to US$4.5 billion. This program, effective until December 31, 2022, allows repurchases of shares on the open market or through other legal means. The decision reflects the company's confidence in its value and aims to enhance shareholder returns. The board will periodically review the program and may adjust its terms as necessary.
- Increase in share repurchase program from US$3 billion to US$4.5 billion, indicating strong confidence in the company.
- Share buyback enhances shareholder value and may positively impact stock price.
- None.
BEIJING, Dec. 8, 2020 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), a leading search engine, knowledge and information-centered Internet platform and AI company, today announced that its board of directors has authorized a change to the Company's 2020 Share Repurchase Program, increasing the aggregate value of shares that may be repurchased from US
The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size.
About Baidu
Baidu, Inc. is a leading search engine, knowledge and information centered Internet platform and AI company. The Company's mission is to make the complicated world simpler through technology. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Currently, ten ADSs represent one Class A ordinary share.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in Baidu's annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
Contacts
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com
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SOURCE Baidu, Inc.
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