Xiaomi buys back 6 million shares as stock prices fall

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.”

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