TOKYO (Reuters) -SoftBank Group Corp shares jumped 10% on Tuesday morning in Tokyo, a day after the Japanese conglomerate said it would spend up to 1 trillion yen ($8.8 billion) buying back almost 15% of its shares.
The buyback announcement came after SoftBank crashed to a quarterly loss as the value of its holdings slumped amid weakness in tech shares and a regulatory crackdown in China.
SoftBank’s shares quadrupled during a record 2.5 trillion yen buyback launched in the depths of the COVID-19 pandemic last year, but had slid 40% from a peak in May amid a lack of positive catalysts for the stock.
The repurchase period for the latest buyback – SoftBank’s second-largest – runs to Nov. 8 next year.
($1 = 113.3500 yen)
(Reporting by Sam Nussey; Editing by Sam Holmes and Stephen Coates)
