Z.AI plans up to HK$4 billion share repurchase
Chinese AI firm Z.AI announced plans to repurchase H shares worth up to HK$4 billion, not exceeding 1 per cent of issued shares. The move aims to show confidence in its long-term outlook and enhance shareholder value.
Chinese artificial intelligence firm Z.AI (2513) said on Tuesday that it intends to repurchase H shares on the open market from time to time, with an expected aggregate amount of up to HK$4 billion.
The total number of H shares to be repurchased shall not exceed 1 per cent of Z.AI's total number of issued shares, the company said.
The share repurchase plan would demonstrate the company's confidence in its long-term business outlook and prospects and its commitment to enhancing shareholder value, the AI lab said.
Z.AI's shares have retreated 83.8 per cent from its highest price of HK$2,980. It closed 11.1 per cent higher at HK$482 on Tuesday.