BEIJING - Baidu is considering repurchasing up to $1 billion of its shares in the next 12 months.

The board of directors of the Nasdaq-listed company have authorized the share repurchase program, Baidu announced late Wednesday in a statement.

The proposed repurchases may be made on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

The company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size.

The repurchases will be funded from its existing cash balance, the statement said.