(Yicai Global) Dec. 9 -- Chinese search engine behemoth Baidu will alter its 2020 share buyback, raising the total value of shares repurchased from USD3 billion to USD4.5 billion, it announced yesterday. It gave no reason for the changed scheme that is effective up until the end of 2022.

Baidu shares [NASDAQ: BIDU] closed up 0.48 percent at USD144.99 yesterday, then rose a further 1.04 percent to USD146.5 in the after-hours.

The repurchases may be made from time to time on the open market at prevailing market prices in privately negotiated transactions, block trades and/or other legal means. The Beijing-based company’s board will review the program at intervals and may adjust its terms and size, Baidu added.

The plan has already undergone several shifts. Baidu announced it was to buy back up to USD1 billion of its shares before July 1, 2021 when it released its financial report for the first quarter in May. The company then declared an increase in the repurchase authorization to USD3 billion from USD1 billion in August.

The company’s revenue rose 8 percent on the quarter to CNY28.2 billion (USD4.32 billion), up 1 percent over last year, according to the unaudited third-quarter financial report it released on Nov. 17.

Baidu projects fourth-quarter revenues of between CNY28.6 billion and CNY31.3 billion for growth of minus 1 percent to 8 percent per year. Its core revenue is projected to grow from between negative 1 percent to 10 percent annually.

Editor: Ben Armour, Xiao Yi