BUZZ-China's Kuaishou climbs on progress of share buyback plan

Reuters2023-12-19

** Shares of short video apps operator Kuaishou Technology

climb 1%, outpacing a 0.6% drop in Hang Seng Tech Index

** Kuaishou says it has entered a contract with Morgan Stanley & Co. International for the repurchase of the company's class B ordinary shares for up to HK$2.5 bln ($320.7 mln)

** Says the move is part of its HK$4 bln on-market share repurchase plan announced in May, in a bid to demonstrate its confidence in its business outlook and prospects

** Hang Seng Composite Index and Hang Seng Index

both ease 0.7%

** Stock down 22.7% YTD

($1 = 7.7951 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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