“It’s hard to say whether this will be a concrete bottom, but I would say the signalling that a drop from here is limited is strong,” said Jiang Liangqing, a fund manager at Zhuhai Greenbamboo Private Fund Management.
Xiaomi has a history of well-timed buybacks, executing a number of repurchases since 2022 that ultimately resulted in market gains. In June, a new buyback program announcement and EV model launch helped fuel a rally over the following weeks. Lei’s buyback of 2.6 million shares is in addition to the 21.4 billion shares remaining in order to complete the June buyback programme. Shares are up more than 17% this year.
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