Xunlei (XNET) Announces $20M Share Buyback

Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services 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 ADSs or common shares over the next 12 months (the “2024 Share Repurchase Program”). The Board will review the 2024 Share Repurchase Program periodically and, if necessary, adjust its size and terms as necessary.

In June 2023, Xunlei announced that the Board approved and adopted a share repurchase program, which authorized the Company to repurchase up to US$20 million of its shares over the next 12 months. As of March 31, 2024, the Company had spent approximately US$4.7 million on the share repurchases under this share repurchase program.

According to the terms of the 2024 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 rules and 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, 2024, the Company had cash, cash equivalent and short-term investments of approximately US$272.5 million.

Mr. Jinbo Li, chairman and chief executive officer of Xunlei, stated "We continue to implement a new share repurchase program as we have confidence in our business operations and maintain an unwavering commitment to enhancing future business development. The Board firmly believes that this initiative exemplifies best practices and serves the Company's interests."

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