Sungy rallies after launching $20M buyback program

Sungy Mobile's (GOMO +4.4%) buyback program is good for repurchasing 5.5% of shares at current levels. It comes ahead of the Chinese app developer's Aug. 27 Q2 report.

Sungy had $47.4M in cash and $68.2M in time deposits at the end of Q1. Shares closed yesterday not far from their post-IPO low of $9.91.

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