Home News Company in the news

Xiaomi share price jumps after unveiling HK$10 bil share buyback plan

Bloomberg
Bloomberg3/12/2021 10:9 AM GMT+08  • 1 min read
Xiaomi share price jumps after unveiling HK$10 bil share buyback plan
The went up as much 9.8% since the company announced the buyback on March 11.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Xiaomi Corp. shares had their biggest intraday gain in three weeks in Hong Kong after the maker of smartphones and gadgets unveiled a HK$10 billion ($1.72 billion) stock-buyback plan.

The board approved a mandate for the Chinese manufacturer to repurchase shares in the open market for as much as that amount, according to an exchange filing late Thursday. The stock added as much as 9.8% and was up 8% at 9.44am local time.

The company said repurchases will demonstrate its confidence in its business outlook. Xiaomi is among smartphone makers trying to grab market share expected to be vacated by Huawei Technologies Co., which no longer has access to key chipmaking suppliers owing to U.S. sanctions.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.