Xiaomi Group Spends HKD 2498 million to repurchase 25 million shares of the company’s stock

Xiaomi spends HKD 2498m to buy 25m shares of company stock

【PhoneAuto News】On June 23, Xiaomi Group announced on the Hong Kong Stock Exchange that it had spent HKD 24.9814 million to repurchase 2.5 million shares of the company at a repurchase price of HKD 9.96 to HKD 10 per share.

Xiaomi Group

So far, Xiaomi Group has conducted multiple rounds of repurchases, especially frequent ones last year. On September 5 of last year, Xiaomi Group repurchased 4.5 million shares of its stock at a repurchase price of HKD 10.84 to HKD 10.9, spending a total of HKD 48.9 million. It repurchased shares 8 times in about a month, with a total cost of HKD 444 million. On September 23 of the same year, Xiaomi repurchased 5.2 million shares of its stock at a repurchase price of HKD 9.43 to HKD 9.51, spending HKD 49.27 million.

Xiaomi spent HKD 24.9814 million to repurchase 2.5 million shares of its stock

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Previously, Xiaomi Group released its Q1 2023 financial report. The data showed that Xiaomi’s total revenue in Q1 was CNY 59.5 billion, with an adjusted net profit of CNY 3.2 billion, a year-on-year increase of 13.1% and a quarter-on-quarter increase of 121.3%. Both revenue and adjusted net profit exceeded market expectations, including innovative business expenses such as smart electric vehicles of CNY 1.1 billion. In the first quarter, Xiaomi’s smartphone business revenue was CNY 35 billion, a year-on-year decrease of 23.6%; Xiaomi’s global smartphone shipments were 30.4 million units, a decrease of 21.1% compared to the same period last year.

Xiaomi Group’s multiple repurchases of its stock are actually beneficial for the top management to grasp the overall direction of the group and continue to promote its car manufacturing business.

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