Xunlei (XNET) Approves $20M Common Stock Buyback Plan; co-Founder Cheng Resigns

Xunlei Limited (Nasdaq: XNET) announced the adoption of a new share repurchase program of up to US$20 million and the resignation of a senior management member.

New Share Repurchase Program

The Board of Directors of the Company (“the Board”) authorized a new share repurchase program under which the Company may repurchase up to US$20 million worth of its shares (including in the form of American depositary shares (“ADSs”)) over the next 12 months. Share repurchases under this program may be made through open market transactions, privately negotiated transactions or other legally permissible means as determined by Xunlei's management, including through Rule 10b5-1 share repurchase plans. The timing and extent of any purchases will depend upon market conditions, the trading price of Xunlei’s ADSs and other factors. The Board will review the share repurchase program periodically, and may authorize adjustment of its terms and size. This share repurchase program will be funded by the Company's available cash balance. As of September 30, 2015, Xunlei had cash, cash equivalents and short-term investments of approximately US$445 million.

Resignation of Mr. Steve Hao Cheng

Mr. Steve Hao Cheng, the Company's co-founder, director and the general manager of Xunlei Games Business Unit, has tendered his resignation from all executive positions at the Company effective January 29, 2016. Mr. Cheng remains as a member of the Board.

"Steve has been with our company since its inception, and has made invaluable contributions to Xunlei's success. We would like to thank him for his great leadership and outstanding contributions. We also wish Steve the very best in all his future endeavors,” said Mr. Sean Shenglong Zou, Xunlei's co-founder, Chairman and CEO.

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