JX Luxventure Rallies On News Of Share Buyback

Shares of casual menswear company JX Luxventure Limited (LLL) are surging more than 40% Wednesday morning after announcing a share buyback of up to $5 million of shares during a 12-month period by Sun Ice Lei, Chief Executive Officer of the company.

The funds for the repurchases under the Share Repurchase Program will be personally provided by Sun Ice Lei, the company said.

Additionally, the company said its unit Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd., agreed with Hainan Douxing Cultural Media Co., Ltd. a live stream content provider with over 30 A list live streamers in China to sell JX Hainan cross-border merchandise for up to $30 million on the live-stream E-commerce shows hosted by Hainan Douxing.

LLL, currently at $2.09, has traded in the range of $1.28-$7.16 in the past 52 weeks.

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