Share buyback programs often lead to an increase in a company's stock price because they reduce the number of shares available in the market, potentially increasing earnings per share (EPS). Additionally, such programs are typically viewed as a sign of confidence by the company's management in its financial health and future prospects. Given MOGU's decision to initiate an $8M share buyback, this could be seen as a positive signal to investors, likely leading to a short-term positive impact on its stock price.