Xunlei (XNET) has released an update.
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Xunlei Limited, a prominent cloud services provider in China, has announced a new share repurchase program, committing to buy back up to $20 million of its ADSs or common shares over the next year. The move follows a previous program where the company repurchased $4.7 million worth of shares, signaling confidence from the management in the company’s financial health and future growth. The program will be financed from Xunlei’s substantial cash reserves, which stood at approximately $272.5 million as of March 31, 2024.
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