HK's property manager Cifi soars on share buyback plan, rivals jump

Reuters2021-07-28

** Shares of property management services group Cifi Ever Sunshine Services Group Ltd jump 18.6% to HK$14.56, on course for the best day since Jan. 6

** Stock is on track to snap three straight sessions of losses; the second-biggest percentage gainer on the Hang Seng Composite Index

** Cifi Ever Sunshine expects net profit for six months ended in June to jump more than 55% from a year ago period due to an increase in properties under management and revenue growth in value-added services

** Says it may repurchase up to 167.04 mln shares, or 10% of the issued share capital, in open market to demonstrate its confidence in its long-term business prospects

** Bigger rival Country Garden Services Holdings surges 14.7% to HK$58.85, best day since Jan. 6, after planning to repurchase up to 307.4 mln shares in open market

** Country Garden Services is the biggest percentage gainer in the Hang Seng Index and the fourth biggest in the Hang Seng Composite Index

** S Enjoy Service Group rises 11.5% to HK$17.08, best day since March 12, after it says to buy back 87.2 mln shares in open market

** The Hong Kong Hang Seng sub-index tracking property firms rises 1.3%

** The Hang Seng China Enterprises Index climbs 1% and the benchmark index gains 0.4%

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