Stock Track | COSCO Shipping Stock Soars on Share Buyback Plans

Stock Track10-21

Shares of COSCO Shipping Holdings Co., Ltd. (HKG:1919, SHA:601919) surged 5.47% on October 21, 2024, as the company announced plans to buy back 1-2 billion yuan ($140.82-281.63 million) worth of its Shanghai-listed A-shares within the next six months.

The share buyback program, which will see COSCO repurchase 50 million to 100 million shares (representing 0.31% to 0.63% of its total share capital), is part of a broader effort by the Chinese government to support listed companies through a $42 billion funding scheme. The People's Bank of China kicked off this scheme to provide special loans to companies for share purchases.

Several other major Chinese firms, including oil giant Sinopec and port operator China Merchants Port, have also announced buyback plans after securing special loans from banks under the government's funding scheme. Share buyback programs are typically viewed as a positive sign by investors, as they signal a company's confidence in its future prospects and commitment to enhancing shareholder value.

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