The9 Limited announced today that the company's Board of Directors has approved a buy-back of the company's shares. The online Chinese gaming company is looking to purchase $50 million of its American Depositary Shares, corresponding to an equal number of The9's ordinary shares. The9 will also look to purchase shares on the open market using its existing cash reserves.
''The share repurchase program illustrates the confidence we have in the long-term performance of our company," said Jun Zhu, Chairman and Chief Executive Officer of The9. "We think that the current shares price level does not reflect our company's fair value and potential. We believe this share repurchase program is a good investment opportunity at the prevailing price level."
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