Caixin
Jan 21, 2019 07:12 PM
BUSINESS & TECH

Xiaomi Joins Tech Rescue Effort With Share Buyback

Xiaomi Corp. CEO Lei Jun speaks at a product launch event in Beijing on Jan. 10. Photo: VCG
Xiaomi Corp. CEO Lei Jun speaks at a product launch event in Beijing on Jan. 10. Photo: VCG

Shares of smartphone-maker Xiaomi Corp. jumped as much as 3% on Monday, after the company announced it had begun buying back shares to support its sagging stock.

Shares of Xiaomi, the world’s fourth largest smartphone seller, jumped to as high as HK$10.48 ($1.34) in morning trade in Hong Kong, versus its previous close of HK$10.16 on Friday. The stock ultimately gave back about half of the gains to end the trading day up 1.4% at HK$10.30.

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