Xiaomi went public earlier last year but got a tepid response from investors. The share price is only trickling down since then, and currently trading at the $HK10 as compared to the $HK17 offer price of the shares.
Well, Xiaomi has now repurchased over 6 million shares from the market as investors sell out after the six-month lock-in period. The Chinese giant has picked up the Class B shares at an average price of $HK9.76, which equals to $HK60 million in total.
In an official statement to TechNode, Xiaomi says”The board believes that the current financial resources of the group enable it to implement the share repurchase while maintaining a solid financial position.”