March 11 - China's smartphone maker Xiaomi Corpsaid on Thursday it will buy back shares up to HK$10billion ($1.29 billion) on the open market under a repurchaseprogram, even as its stock price continues to slump. Xiaomi's shares have lost more than a third of their valuesince the company was blacklisted by the United States inmid-January for its alleged ties to the Chinese military, whichmandatorily forces American investors to divest their holdings. "The board believes that a share repurchase in the presentconditions will demonstrate the company's confidence in its ownbusiness outlook...and create value to the shareholders," Xiaomisaid in a statement. The company's board had approved a resolution to buy back amaximum of 10% of its shares in June last year, worth aboutHK$31 billion at the time.($1 = 7.7590 Hong Kong dollars) REUTERS
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