Chinese Internet portal (NTES) says 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 for a period not to exceed three months.

The new authorization follows Netease's completion of a share buyback program previously announced on August 29, 2006 in which approximately 3.6 million of the company's issued and outstanding ADSs were purchased for an aggregate purchase consideration of US$60.1 million.

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 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.


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