Xunlei Announces $20 million Share Repurchase Program

SHENZHEN, China, June 06, 2023 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading innovator of shared cloud computing and blockchain technology in China, today announced that the board of directors of the Company (the “Board”) has approved a new share repurchase program under which the Company may repurchase up to US$20 million of its shares over the next 12 months (the “2023 Share Repurchase Program”). The Board will review the 2023 Share Repurchase Program periodically and, if necessary, adjust its size and terms as necessary.

In March 2022, Xunlei announced that the Board approved and adopted a share repurchase program, which authorized the Company to repurchase up to $20 million of its shares over the next 12 months. As of March 31, 2023, the Company had spent approximately US$7.9 million on the share repurchases under the share repurchase program.

According to the terms of the 2023 Share Repurchase Program, share repurchases may be conducted through various legally permissible means, including open market purchases at prevailing prices and algorithmic trading, privately negotiated transactions, block trades, or other methods depending on market conditions and in compliance with applicable regulations. Both ADSs and common shares are eligible for repurchase. The repurchase plan will be funded from the Company’s cash balance. As of March 31, 2023, the Company had cash, cash equivalent and short-term investments of approximately US$258.3 million, and the balance of bank borrowings was about US$31.1 million, which was used to finance the construction of the Company’s headquarters building.

Mr. Jinbo Li, chairman and chief executive officer of Xunlei, stated “We initiated this new share buyback program after reviewing our overall operations and financial conditions. We believe that this buyback program demonstrates the Board’s confidence in the Company’s business and outlook.”

About Xunlei

Founded in 2003, Xunlei Limited (NASDAQ: XNET) is a leading innovator in shared cloud computing and blockchain technology in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing, blockchain and digital entertainment to deliver an efficient, smart and safe internet experience.

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