CXMT(ChangXin Memory)가 자사주 매입 규모를 두 배로 늘려 최대 50억 위안으로 확대했으며, 주가는 13% 급등했다.

ChangXin Memory Technologies, China's largest DRAM maker, said in a filing with the Shanghai Stock Exchange on November 4 that it plans to double its share buyback program to as much as 5 billion yuan, or about $690 million.

Sina Finance and China Business Journal reported that Chairman Zhu Yiming had decided in late October to buy back between 1 billion and 2 billion yuan of the company's shares, then revised the plan and raised the range to 2.5 billion to 5 billion yuan. The program is the largest buyback ever on the STAR Market, the Shanghai exchange's technology-focused board.

Zhu said the decision reflected confidence in the company's continued development and rising corporate value. He added that the move was also aimed at protecting investor interests and strengthening confidence in the company.

CXMT also disclosed its third-quarter results in the filing. Third-quarter revenue rose 613.18% from a year earlier to 11.8714 billion yuan, while net profit reached 5.4435 billion yuan, swinging from a loss a year earlier.

The company said the strong third-quarter performance was driven by continued surging demand for DRAM, which sharply lifted product sales and prices. Gross margin for the quarter was 89.53%, maintaining solid growth.

Following the announcement, CXMT shares surged 13.63% on the STAR Market on November 4 to close at 44.09 yuan.