Updating the progress of a $10 million share-buyback program it announced back in December, Chinese online game developer The9 (NASDAQ:NCTY) said it has thus far repurchased more than 1.3 million of its American depositary shares for a total of approximately $3.8 million.
The repurchased shares account for approximately 6% of its outstanding stock, and The9 will continue repurchasing shares under the program.
The buyback program was expected to run over the course of 12 months from its adoption, and while it could be modified or even suspended at any time, the repurchases were expected to be made either on the open market or through 10b5-1 trading plans.
The9 develops and operates its proprietary online game FireFall, as well as other online games, Web games, and social games. It has also obtained exclusive licenses to operate other games in mainland China.