ZTE Corporation's stock price surged 5.04% during intraday trading on Thursday, marking a significant upward movement for the telecommunications equipment maker.

The rally was primarily driven by the company's execution of its long-awaited A-share buyback program. ZTE spent approximately RMB 670 million to repurchase over 19 million shares, which effectively alleviated persistent market concerns about the company's commitment to its capital allocation plans. The buyback had been approved by the board months earlier but remained unexecuted, creating uncertainty among investors.

Market analysts noted that the formal execution of the buyback helped ease concerns that had been weighing on the stock, particularly given that ZTE had one of the highest short interest positions among Hong Kong-listed stocks at 19.76%. The combination of the buyback execution and the company's proposed final dividend for fiscal year 2025 contributed to positive sentiment toward the stock during the trading session.