The company's board approved the move, as JD.com faced increasing competition in China's e-commerce sector.

According to Retuers, major players in the sector were intensifying promotions and discounts to attract consumers amid a sluggish economy.

The buyback came after US retail giant Walmart recently decided to divest its entire $3.7 billion stake in JD.com, ending an eight-year investment.

Shares in JD.com closed down 3.69% in Hong Kong on Tuesday.

At 0651 EDT (1151 BST), they were up 4.15% in premarket trading in New York, at $26.87.

Reporting by Josh White for Sharecast.com.