XNET - Xunlei stock gains on $20M share buyback plan

Chinese tech firm Xunlei (NASDAQ:XNET) has announced a share repurchase authorization to buyback up to $20M of its shares over the next 12 months. The plan enables repurchase of both ADSs and common shares of XNET. It will be funded from the company’s cash balance. The board will review the program periodically and adjust its size and terms as necessary. As of Dec. 31, 2021, the company had cash, cash equivalent and short-term investments of ~ $239M, and the balance of bank borrowings was about $20.2M which is used to finance the construction of the company’s R&D and headquarters building. XNET shares up 6.29% pre-market

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Xunlei stock gains on $20M share buyback plan