Retail and delivery platform Dada Nexus launched a share repurchase program on Tuesday whereby the company will repurchase its own ordinary shares in the form of American depository shares at an aggregate value of up to $150 million over a year.

(File photo: agencies)

The board of directors authorized the company to fund the repurchase out of its existing cash balance.

The repurchase can be implemented on the open market at prevailing market prices or through negotiated off-market transactions as market conditions warrant in accordance with US Securities Exchange Act.