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Xunlei Approves $20 Million Share Buyback Plan

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Xunlei (XNET) said Friday its board authorized a new equity buyback of up to $20 million of its shares over a 12-month period beginning July 1.

The company intends to acquire either common stock or American depositary shares through open market transactions, algorithmic trading, block trades, or private deals, the company said.

Xunlei will fund the repurchase using available cash balances, and held around $303.6 million in cash, cash equivalents, and short-term investments as of March 31, it said.

Shares of the company were up 2.6% in Friday premarket trading.

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