Wednesday, WSP Holdings Limited (WH), a Chinese manufacturer of API or American Petroleum Institute and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction (Oil Country Tubular Goods or OCTG), and other pipes and connectors, announced that its Board of Directors has approved a share repurchase program.
Under the program, WSP Holdings said it is authorized to repurchase up to $10 million of outstanding American Depositary Shares or ADSs, each representing two ordinary shares of the company, from time to time over the next six months. These repurchases will be in compliance with the SEC's Rule 10b-18, subject to market conditions, share price, applicable legal requirements and other factors.
The company said that the share repurchase will be made in the open market or through privately negotiated transactions. This plan does not obligate the company to acquire any particular number of ADSs and the program may be suspended or discontinued at any time.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.