Xiaomi plans share buyback

Smartphone giant planning biggest equity repurchase to boost flagging market fortunes

Xiaomi Corp said on Tuesday it will buy back up to HK$12 billion ($1.53 billion) worth of stock after the Chinese smartphone vendor lost nearly a third of its market value so far this year.

The move is Xiaomi's biggest equity repurchase plan since it got listed in Hong Kong last year and its share price surged during the session by 6.8 percent to the day's high of HK$8.92 before closing on Tuesday 4.19 percent higher at HK$8.70.