UBTECH ROBOTICS, the Chinese humanoid robotics company, saw its shares surge 9.37% in Monday's intraday trading following the announcement of a share buyback plan worth up to 200 million yuan ($27.3 million).
The company cited the current undervaluation of its shares as the primary reason for the buyback program. The move was seen as a vote of confidence from management in UBTECH's operating results and future development prospects. The board left open the possibility of allocating additional funds for further share repurchases down the line.
Analysts at Citi reiterated their "buy" rating on the stock, praising the buyback plan as a commitment by management to stabilize the share price and boost investor confidence in the company. Last year, UBTECH's stock gained an impressive 64.3%, reflecting the market's optimism about the robotics industry's growth potential.
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