The9 buys shares in ... itself
that following disappointing profits despite record sales, Chinese gaming company The9 (the Chinese carrier of World of Warcraft) saw its stock values plummet by 32% recently. The company then took the opportunity to purchase back $50 million worth of shares in itself.
CEO and Chairman Jun Zhu was quoted by The Escapist saying, "We think that the current shares price level do not reflect the company's value and potential. Mirroring this confidence, our board of directors has authorized the company to repurchase up to $50 million of its own stock."
This curiously comes after a great deal of growth of the Chinese World of Warcraft player-base in Q3 and the recent launch of Sword of the New World: Granado Espada.
