Did XIN issue 7.5% more shares in the last four months?
@Star, I doubt the 156 million number is the number of voting shares. XIN did indicate clearly it is the number of common shares outstanding. It also said the 156 million common shares including ADSs. We know XIN repurchased ADSs during the the year. Then, how could XIN make its magic repurchase to make total common shares number exactly three million higher?
Common shares outstanding for purposes of voting is different than common shares outstanding for purposes of financial calculation...as I understand it.
Common shares outstanding for purposes of voting includes treasury shares. I believe XIN BOD votes the treasury shares.
Common shares outstanding for financial calculation excludes treasury shares.
So it depends on which "common shares outstanding" you are referencing. That is my current understanding.