Midea to buy back ‘undervalued’ shares
Print Edition
Electronics giant Midea Group plans to buy back shares of up to 4 billion yuan (US$606 million) as the Shenzhen-listed firm said its shares are “undervalued.”
It’s the biggest share buyback in the Chinese stock markets so far this year.
Midea shares are “undervalued” and the share buyback can improve investors’ confidence, said Midea in a statement to the Shenzhen Stock Exchange.
Midea will spend 4 billion yuan to buy back 80 million shares at not more than 50 yuan each.
The 50-yuan base is 10 percent above its closing price on Wednesday of 45.1 yuan, or 25 percent of its 52-week-high. The news of the share buyback plan propelled Midea 2.1 percent to close at 46.1 yuan yesterday, while the Shenzhen index fell 1.9 percent.
Midea also said previously that it would boost development of artificial intelligence and industrial Internet as it invests about 100 million yuan annually into a special AI team.
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