Netease.com's (NTES) board of directors has approved a new share repurchase program.

The agreement is for up to US$120 million of the company's outstanding American Depositary Shares for a period not to exceed 12 months. The new authorization follows Netease's completion of a share buyback program previously announced on March 13, 2007 in which approximately 5.3 million of the company's issued and outstanding ADSs were purchased for an aggregate purchase consideration of US$95.7 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.