Shares of EHang Holdings Ltd (EH), a leading urban air mobility technology platform, soared 5.86% in Friday's intraday trading following the announcement of a $30 million share repurchase program.

The company stated that its board has approved the buyback of American Depositary Shares (ADSs) or ordinary shares over the next 12 months. EHang expects to fund the repurchases through its existing cash reserves and operational cash flow. Founder, Chairman, and CEO Huazhi Hu commented, "This Share Repurchase Program underscores our confidence in EHang's long-term growth potential as well as our capability in continuously delivering value to our shareholders."

The $30 million repurchase amount represents approximately 3.1% of EHang's current market capitalization of around $967 million. The move was well-received by investors, who sent the stock higher on optimism about the company's prospects and its commitment to enhancing shareholder returns.