Samsung Electronics announced a surprise $7.19 billion stock buyback plan, causing shares to surge over 7% in Seoul. The company will repurchase 3 trillion won worth of shares in the next three months, with the remaining 7 trillion to be authorized by the Board to enhance shareholder value. This move follows a preliminary agreement with its largest workers union and comes after the stock hit a four-year low amid concerns over profit guidance and competition with SK Hynix in the high bandwidth memory market.
Chinese smartphone company Honor has secured new investments from China Telecom, CICC Capital, Cornerstone, and SDG as it prepares for an IPO, following its spinoff from Huawei in 2020. The company plans to restructure its shareholders and initiate the IPO process in the fourth quarter of 2023. Recently, Honor launched its Magic7 series, featuring AI capabilities for enhanced user interaction.
Tim Cook's recent visit to China aims to strengthen support for Apple Intelligence amid rising competition. Meeting with local officials and partners, he emphasized Apple's commitment to investment and collaboration, while navigating regulatory hurdles for the AI rollout. Despite a successful iPhone 16 launch, Apple faces challenges from local competitors like Huawei, impacting its market share.
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