Newborn Town (HKG:9911) plans to spend HK$200 million within the next two years to repurchase shares, according to a Thursday filing with the Hong Kong bourse.
The move aims to support its share scheme to reward and retain key contributors. The mobile app developer believes the buyback plan reflects its confidence in the financial outlook.
The company's shares were down by 15% in Friday's afternoon trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.