Chinese smartphone maker Xiaomi has repurchased more than 6 million shares as investors sell after a lockup period.

The company bought the Class B shares at an average price of HKD 9.76 ($1.24), totaling nearly HKD 60 million. The company closed at HKD 10.16, up just over 4% compared to Thursday. 

The board believes that the current financial resources of the group enable it to implement the share repurchase while maintaining a solid financial position,” Xiaomi said in a statement to TechNode, adding its brand proposition with cost-efficient products will be even more compelling in current market conditions.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen