Benzinga | Jun 29, 2021 09:43AM EDT

Kuke Music Authorizes $1M Share Buyback

* AI-based music company Kuke Music Holding Ltd's (NYSE:KUKE) board approved a share buyback program of up to $1 million American depositary shares (ADSs) through Dec. 31, 2021.

* It plans to fund repurchases from its existing cash balance.

* The company held $35.4 million in cash and equivalents as of Mar. 31, 2021.

* Kuke's first quarter FY21 revenue increased by 85% year-on-year to $1.7 million from robust smart music education revenue growth partially offset by licensing and subscription revenue decline. EPS loss was $(0.08).

* Price action: KUKE shares traded higher by 2.14% at $5.24 on the last check Tuesday.