Stock Track | Ming Yuan Cloud Soars Nearly 11% on Narrower Losses, Share Buyback Plan

Stock Track08-16

Shares of Ming Yuan Cloud Group Holdings (00909) surged nearly 11% in intraday trading on Friday, following the company's announcement of narrower losses for the first half of the year and a substantial share buyback program.

According to a filing with the Hong Kong Stock Exchange, Ming Yuan Cloud reported an attributable loss of 115.4 million yuan ($16.2 million) for the first six months of 2023, a significant improvement from the 324.7 million yuan loss recorded in the same period last year. The software company's revenue declined slightly to 720.1 million yuan from 762.3 million yuan a year earlier, but other income grew to 49.4 million yuan from 27.9 million yuan.

In a separate filing, Ming Yuan Cloud's directors approved a share repurchase program of up to 196.7 million shares, or approximately HK$500 million ($63.8 million), in a move that could boost investor confidence and support the company's stock price.

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