CHINA BRIEF | Xiaomi announces USD 32 million share buyback

The move is part of Xiaomi’s HKD 12 billion (USD 1.53 billion) share buyback plan.

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On Tuesday, Chinese electronics manufacturer Xiaomi (1080.HK) repurchased 24.55 million B class stocks for HKD 250 million (USD 32 million), according to the firm’s latest Hong Kong Exchanges (HKEX) filing.

Xiaomi announced an HKD 12 billion (USD 1.53 billion) share buyback plan in September 2019 in a bid to boost its floundering stock.

“The board believes that a share repurchase in the present conditions will demonstrate the company’s confidence in its own business outlook and prospects,” Xiaomi said in the stock exchange filing last year.

Xiaomi’s share price rose 3.14% to HKD 10.5 (USD 1.35) today.

On April 10, Xiaomi appointed its president, Wang Xiang, as CFO of the company, while the former CFO and international president, Chew Shouzi, will focus on overseas business.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.