Shares of MINISO Group Holding Limited (MNSO), a leading Chinese lifestyle product retailer, surged by a remarkable 19.36% on Wednesday, closing at $9.33 per share. This significant price movement came after the company released an update on its share buyback program and outstanding share count.
In its announcement, MINISO reported no change in its number of issued shares as of September 26, 2024. However, the company did not provide specific details on the number of shares repurchased or the amount spent on the buyback program.
Share buybacks are often viewed positively by investors, as they can signal the company's confidence in its future prospects and its belief that its stock is undervalued. By reducing the number of outstanding shares, the company's earnings per share (EPS) and other key financial metrics improve, potentially boosting the stock price. Investors appear to have interpreted MINISO's update as a sign of the company's commitment to enhancing shareholder value, driving the stock's impressive rally.
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