VNET Group's stock soared 6.53% on Monday morning, outperforming the broader market as the company announced a share buyback program.
The Chinese internet and data center provider said it would repurchase and cancel 20,000 ordinary shares, representing a vote of confidence from the company's board and management. Share buybacks are typically seen as a positive sign by investors, as they reduce the number of outstanding shares and can boost earnings per share.
VNET Group has been investing heavily in expanding its data center footprint across China to capture demand from cloud computing and internet companies. The buyback announcement suggests the company believes its shares are undervalued currently and sees growth opportunities ahead.
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