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.”
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