** Shares of Kuaishou Technology rise 4.2% to HK$60.60, post their biggest intraday pct rise since May 3
** Stock of the Chinese content community and social platform operator hits its highest level since May 1, and extends gain for a second session
** Stock is biggest pct gainer on Hang Seng Tech Index
and Hang Seng China Enterprises Index
** Kuaishou posts Q1 net profit of 4.1 bln yuan ($566.1 mln) versus a loss of 876 mln yuan the same period in 2023, with total revenue up 16.6% Y/Y at 29.4 bln yuan
** Co announces an on-market share repurchase programme of repurchasing up HK$16 bln ($2.1 bln) worth of shares over the next 36 months to demonstrate its confidence in its own business outlook and prospects
** Jefferies maintains "buy" rating and raises price target to HK$83 from HK$78, citing 1Q revenue and non-IFRS earnings beat expectations while share repurchase reflects confidence in outlook
** Hang Seng Tech Index drops 2.1%, Hang Seng China Enterprises Index falls 2% and Hang Seng Index
declines 1.9%
** Kuaishou stock up 11.6% YTD
($1 = 7.2431 Chinese yuan)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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