China's Baidu to buy back up to $1 billion shares

China’s Baidu Inc said on Wednesday its board approved a plan to buy back up to $1 billion of its shares, with repurchases taking place over the next 12 months.

The Nasdaq-listed search engine giant said the repurchases will be funded from the company’s existing cash balance.

Baidu shares have risen about 40 percent in the past year and closed at $250.77 on Tuesday.

The company said its board would review the share repurchase program periodically, and may adjust its terms and size.

In July 2015, Baidu announced a $1 billion share buyback plan after the company's stock price slid following a weak earnings report. 

Last May, Alibaba Group Holding Ltd said it planned to buy back shares worth up to $6 billion over two years.