Other Chinese tech giants have also considered buybacks. Nasdaq-listed search-engine giant Baidu Inc. said in June that its board approved a $1 billion buyback program. E-commerce titan Alibaba Group Holding Ltd. said last month that it plans to implement a previously announced $6 billion share-repurchase program. The New York-listed company hasn't made any repurchases under that program, according to a filing. —Shan Li and Quentin Webb contributed to this article.