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Xiaomi to repurchase HK$12B of shares

Xiaomi Corp. plans to repurchase about HK$12 billion of the company's shares in the open market from time to time.

Depending on market conditions, the Chinese company's board may repurchase more shares.

The move comes after the board was given a mandate to repurchase the company's shares, which does not exceed 10% of the shares issued May 14.

The timing, quantity or price of any repurchase remains uncertain, a statement from company Chairman Lei Jun said.