Geely Automobile Holdings Ltd (GELYF) Board Approves HK$2.3 billion Buyback Program

Geely Automobile Holdings Ltd (OTCMKTS:GELYF) is one of the most undervalued Hong Kong stocks to buy, according to analysts. On October 7, the company announced its board of directors had approved a HK$2.3 billion buyback program.

Geely Automobile Holdings Ltd (GELYF) Board Approves HK$2.3 billion Buyback Program

Under the new buyback program, the company intends to repurchase up to 10% of its issued shares from the open market, subject to regulatory approval. Geely Automobile is utilizing the buyback program to reaffirm its confidence in its financial position and business outlook.

Additionally, the buyback program underscores the company’s commitment to returning value to shareholders. The stock currently rewards passive investors with a 1.68% dividend yield.

Geely Automobile Holdings Ltd (OTCMKTS:GELYF) is a leading automobile manufacturer and seller of vehicles and components under the brands Geely, Lynk & Co., and Zeekr. It focuses on the production and sale of traditional cars, SUVs, and various New Energy Vehicles (NEVs), including electric and hybrid models, with products marketed to customers for both personal and commercial transportation.

While we acknowledge the potential of Geely Automobile Holdings Ltd (OTCMKTS:GELYF) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GELYF and that has 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.