RELX vape (Wuxin Technology) announced on the evening of December 8 that the board of directors authorized a stock repurchase plan under which the company can repurchase up to US$500 million (equivalent to RMB 3.17 billion) stocks. Affected by this news, the stock price of Wuxin Technology had risen nearly 22%.
Wuxin Technology stated that the repurchase proposed by the company may be carried out in the open market from time to time at the current market price, privately negotiated transactions, block transactions and/or through other methods permitted by law in accordance with market conditions and applicable rules and regulations. The company’s board of directors will periodically review the stock repurchase plan and may authorize adjustments to its terms and scale. The company hopes to fund the repurchase from its existing cash balance.