As much as I think the SP would respond positively to a reduced float, I don’t think we will see a buyback anytime soon. I would not expect Ganfeng to get involved in these Leo matters either, either directly or tacitly. If Leo was going to do a buyback they would’ve picked up 17.6% already from the distressed major holder and cancelled it out. Time will tell but the AGM hint towards dividend/dividend policy is exactly that imo: a (possible) early dividend.
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