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Benzinga
Benzinga
Business
Shivani Kumaresan

JX Luxventure Adopts $5M Stock Buyback Program; Inks $30M Sales Agreement

Nasdaq China e-commerce
  • JX Luxventure Ltd (NASDAQ:LLL) Board of Directors has authorized a share repurchase program of up to $5 million shares.
  • The funds for the repurchases under the program will be personally provided by the CEO, Sun Lei.
  • The Board thinks the share buyback program will restore shareholder confidence in the company as the current market value is lower than its intrinsic value.
  • The Board plans to review the share repurchase program periodically and may authorize adjustment of its terms and size.
  • The company's subsidiary JX Hainan recently entered into a cooperation agreement with Hainan Douxing, a live stream content provider in China.
  • According to the agreement, Hainan Douxing will sell JX Hainan cross-border merchandise worth up to $30 million on the live-stream E-commerce shows.
  • Price Action: LLL shares are trading higher by 14.09% at $1.70 on the last check Wednesday.
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