Share buy back 股票回购

Investopedia :

A buyback allows companies to invest in themselves. By reducing the number of shares outstanding on the market, buybacks increase the proportion of shares a company owns. Buybacks can be carried out in two ways:

1. Shareholders may be presented with a tender offer whereby they have the option to submit (or tender) a portion or all of their shares within a certain time frame and at a premium to the current market price. This premium compensates investors for tendering their shares rather than holding on to them.

2. Companies buy back shares on the open market over an extended period of time. 


百度百科：

股票回购是指上市公司利用现金等方式，
从股票市场上购回本公司发行在外的一定数额的股票的行为。
公司在股票回购完成后可以将所回购的股票注销。

但在绝大多数情况下，公司将回购的股票作为“库存股”保留，
不再属于发行在外的股票，且不参与每股收益的计算和分配。
库存股日后可移作他用，如发行可转换债券，雇员福利计划等，
或在需要资金时将其出售。