If they commit themselves 100% to buy back shares it is is better to continue "diluting", I guess. (ref statement below) If they issue shares that they will buy back in a year it is basically the same as short-term loan without involving banks.
"It is important to understand that the issuances of shares in the first half, for the most part, were structured as loans or with option to repurchase the shares. As such, these share will reduce the fully diluted share count some time in the future."
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