BEIJING, Sept. 12 /Xinhua-PRNewswire/ -- NetEase.com, Inc. (Nasdaq: NTES),
one of China's leading Internet and online game services providers, today
announced that its board of directors has approved a new share repurchase
program of up to US$100 million of the company's outstanding American
Depositary Shares (ADSs) for a period not to exceed one year. The new
authorization follows NetEase's completion of a share repurchase program
previously announced on July 2, 2007 pursuant to which NetEase spent in
aggregate a total purchase consideration of approximately US$46.4 million
(including transaction costs).
Under the terms of the approved program, NetEase may repurchase its issued
and outstanding ADSs in open-market transactions on the NASDAQ Global Select
Market. The timing and dollar amount of repurchase transactions will be
subject to Securities and Exchange Commission (SEC) Rule 10b-18 requirements.
It is also expected that such repurchases will be effected pursuant to a plan
in conformity with SEC Rule 10b5-1. NetEase plans to fund repurchases made
under this program from available working capital.
About NetEase
NetEase.com, Inc. is a leading China-based Internet technology company
that pioneered the development of applications, services and other
technologies for the Internet in China. NetEase's online communities and
personalized premium services have established a large and stable user base
for the NetEase websites which are operated by its affiliates. In particular,
NetEase provides online game services to Internet users through the licensing
or in-house development of massively multi-player online role-playing games,
including Fantasy Westward Journey, Westward Journey Online II, Westward
Journey Online III, Tianxia II and Datang.
NetEase also offers online advertising on its websites which enables
advertisers to reach its substantial user base.
