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On Sept. 14, Cheetah Mobile announced that its board of directors had approved a share repurchase plan to buy $100 million worth of ADS in the next 12 months.
"Repurchasing stocks is a very good investment," said Fu Sheng, chairman and CEO of Cheetah Mobile. Revenue will return to growth in the second half of the year with the help of domestic mobile applications and mobile games. In addition, artificial intelligence technology has made progress.
According to the announcement, under the premise of meeting the relevant legal provisions, Cheetah Mobile will carry out the stock repurchase from time to time through open market transactions or private negotiation transactions. Cheetah mobile plans to use the cash to support the stock repurchase.
On Aug. 31, Cheetah Mobile was approaching a buyer consortium seeking to privatize at $14 to $16 a share, according to media reports.
On September 4, Cheetah Mobile issued a statement saying that the entire company's board and management team had no intention of the deal. Future Ltd will continue to operate as a listed company.
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