Xiaomi has granted the board of directors the authority to conduct share buybacks when appropriate and as needed, with the total number of buybacks not exceeding 10 percent of the company's total share capital on the date the motion was passed.
Xiaomi held its annual general meeting at its headquarters in Beijing yesterday, and the shareholders approved the buyback authorization proposal.
Since 2020, Xiaomi has conducted several share buybacks.
In April, Xiaomi conducted share repurchases for two consecutive days, including 24.55 million shares on April 14 and 23.86 million Class B ordinary shares on April 15, costing about HK$500 million in total.
According to previous financial reports released by Xiaomi, its total revenue for the first quarter of 2020 was 49.702 billion yuan, an increase of 13.6%; Adjusted net profit of 2.3 billion yuan, up 10.6% year-on-year.
Xiaomi shipped 29.2 million smartphones in the first quarter, with revenue of 30.3 billion yuan. Xiaomi IoT and consumer goods business revenue of 13 billion yuan; Xiaomi Internet business revenue of 5.9 billion yuan, an increase of 38.6%. Xiaomi's overseas market revenue was 24.8 billion yuan, up 47.8% year-on-year.
