Now We understood Why XIN Announced So Many Buyback Programs
Now, everybody should understand why XIN announced another buyback program of $60 million even before half of the last program was finished. Look, XIN was trying to sell itself at a higher price.
Before this announcement, we said XIN is shareholder friendly, in the last 5 years it only distributed capital back to shareholders while never significantly issuing new shares. Now, we understood the chairman is trying to use a little money ($10 million) to get $110 million.