ZTE's stock surged 5.02% during Friday's intraday trading session following the company's announcement of a share repurchase plan. The telecommunications equipment giant revealed plans to buy back its A-shares for 1-1.2 billion yuan ($141.74-$170.08 million) to be used for employee incentive programs.
The repurchase, to be executed through centralized bidding transactions, is expected to involve approximately 19.02 million shares at a maximum price of 63.09 yuan per share. Such corporate actions typically boost investor confidence as they signal management's belief in the company's value and future prospects.
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