SoftBank Group Corp shares were untraded with a glut of buy orders early on Thursday, a day after Chief Executive Masayoshi Son unveiled a $5.5 billion share buyback to prop up its share price, which he sees as undervalued.
SoftBank said on Wednesday it would purchase up to 600 billion yen ($5.46 billion) of stock in its largest ever buyback, funded by the proceeds of its domestic telco`s December IPO.
It also announced a 60 percent jump in third-quarter operating profit, lifted by rising valuations of its growing technology investments.
The benchmark Nikkei 225 index was flat in early trading.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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