Xiami announced plans to start a share buyback worth up to HKD 10 billion. Its shareholders meeting last June authorised the repurchase of up to 10 percent of outstanding shares, and Xiaomi said market conditions support starting the programme.
Due to listing rules, the buyback is not expected to start until after the company reports its annual results on 24 March. Xiaomi said the programme "will demonstrate the company’s confidence in its own business outlook" while also creating value for shareholders without impacting the group's financial position.
Xiaomi's share price has fallen steadily since the start of 2021, to just under HKD 22 per share from a peak of over HKD 35 in early January.
