Skye announced today that it has bought 16 million shares from Sequoia Capital

Absrtact: Check the latest quotes Beijing time September 5 Evening News, the Sky Network (Nasdaq:mobi) announced today, with the company's shareholders Sequoia Capital China Partner Fund II, Sequoia Capital China main Fund II and Sequoia Capital China Fund II signed the agreement. Root View Latest Quotes

Beijing time September 5 Evening News, the Sky Network (Nasdaq:mobi) announced today, with the company's shareholders Sequoia Capital China Partner Fund II, Sequoia Capital China main Fund II and Sequoia Capital China Fund II signed the agreement.

Under the purchase agreement, the Skye network will repurchase 16 million common shares ($ 0.00005 per share) at a price of $0.985 per share. The Skye network represents 8 common shares per share of the U.S. Depository Unit (ADS).

It is expected that the stock repurchase transaction will be completed within the next 20 working days. The share buyback is part of a 20 million dollar share buyback plan announced by the company May 30, 2014.

Under the stock repurchase plan, the Skye network plans to buy back the tickets through open markets, negotiated deals and other ways in line with U.S. securities laws. (Li Ming)