Stock Track | ZTE Soars 5.12% Intraday on Buyback Completion and US Approval for AI Chip Purchases
Stock Track
Jul 21
ZTE's stock price surged 5.12% during intraday trading on Tuesday, marking a significant rebound for the telecommunications equipment maker.
The sharp rise follows the company's announcement that it has fully completed its A-share buyback program, having repurchased approximately 28.66 million shares at a total cost of around RMB 1 billion. The repurchased shares are intended for employee stock ownership plans or equity incentives.
Additionally, market sentiment was bolstered by reports that ZTE Kangxun Telecom has secured U.S. approval to purchase AI chips from leading semiconductor companies Nvidia and AMD. This development comes as the stock recovers from consecutive sharp declines earlier in the week.
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