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Lenovo buys back 3 mln more shares for 16.34 mln HKD
Wednesday, June 18, 2008
China's leading PC producer Lenovo Group Tuesday spent 16.34 million HK dollars to buy back an additional three million shares at a price of 5.4-5.5 HK dollars/share on the Hong Kong Exchange.
The fresh buyback brought the total shares bought back by the company up to 123 million.
Earlier, board chairman Yang Yuanqing said that the successful acquisition of IBM's PC business has given huge impetus to Lenovo, which, however, is underestimated by investors.
Yang added that the company would continue to buy back its own shares as long as the market price is under the upper limit of its expectation.
Lenovo CFO also said, with two billion U.S. dollars on hand, the company could buy back 800 million shares at most and could call back ten percent of total shares, signaling there is still large room for further buyback.
Lenovo's share price in Hong Kong closed up 1.28 percent to 5.52 HK dollars Wednesday.