Why Vipshop Stock Skyrocketed Today

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Shares of Vipshop Holdings (NYSE: VIPS) have skyrocketed today, up by 13% as of 11:10 a.m. EDT, after the company announced a share repurchase program. Vipshop’s board of directors has authorized a $500 million buyback program, which it can conduct over the next two years.

The Chinese e-commerce technology company plans to repurchase Class A shares at its discretion using a combination of open market purchases, privately negotiated transactions, block trades, and potentially other methods. One Class A share of Vipshop is equal to five American depositary shares (ADS).

Image source: Getty Images.

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