China’s Xiaomi boosts shares with USD 1.5 billion buyback plan

Chinese smartphone maker Xiaomi Corp said on Tuesday it will buy back up to HK dollar 12 billion (USD1.53 billion) worth of stock in its biggest equity repurchase, sending its shares up nearly 7 per cent.

The Beijing-based company, which listed its shares in July last year, has lost nearly a third of its market value so far this year. Its growth has slowed sharply as the global smartphone market has shrunk and local competition has increased.