On July 29, MOBVISTA rose 5.04% in regular trading, reaching HK$10.84 per share, with turnover of HK$127 million.
The movement is primarily supported by the company's previously announced share buyback plan. On July 17, the board approved a new buyback program authorizing the repurchase of up to HK$300 million worth of shares at market prices on the open market. The buyback ceiling is set at 10% of issued shares, equivalent to no more than 162,161,418 shares. The company stated that its existing financial resources are sufficient to support the buyback while maintaining a sound financial position.
The buyback plan comes after a period of share dilution pressure, including the conversion of US$30 million in convertible bonds into approximately 47.46 million shares and the issuance of 62.97 million restricted share units to employees in June. Additionally, on July 17, the company granted a further 25.21 million award shares to 123 employees under its restricted share unit plan. The buyback program is seen as providing a floor for the stock price amid these dilutive events.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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