Jan 21, 2019 05:54 PM

Monday Tech Briefing: Xiaomi Spends $12.6 Million on Second Stock Buyback

1. Xiaomi Spends $12.6 Million on Second Stock Buyback

Chinese smartphone maker Xiaomi has repurchased its own shares to boost its share price for the second time in a week. Xiaomi announced Monday that it bought 9.85 million shares on Friday for around HK$100 million ($12.7 million).

The company made its first stock buyback on Thursday when it bought 6.14 million shares worth HK$55.94 million. Xiaomi is facing a stock sell-off after a six-month lockup ended on Jan. 9, allowing early investors of Xiaomi to sell their shares for the first time.

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