JX Luxventure Adopts $5M Stock Buyback Program; Inks $30M Sales Agreement

JX Luxventure Ltd LLL Board of Directors has authorized a share repurchase program of up to $5 million shares.
The funds for the repurchases under the program will be personally provided by the CEO, Sun Lei.
The Board thinks the share buyback program will restore shareholder confidence in the company as the current market value is lower than its intrinsic value.
The Board plans to review the share repurchase program periodically and may authorize adjustment of its terms and size.
The company's subsidiary JX Hainan recently entered into a cooperation agreement with Hainan Douxing, a live stream content provider in China.
According to the agreement, Hainan Douxing will sell JX Hainan cross-border merchandise worth up to $30 million on the live-stream E-commerce shows.
Price Action: LLL shares are trading higher by 14.09% at $1.70 on the last check Wednesday.