COSCO Shipping (HKG:1919, SHA:601919) expects its share capital to be reduced after repurchasing restricted shares worth up to 2 billion yuan, according to an Oct. 18 disclosure on the Hong Kong Stock Exchange.
The shipping company will buy back 50 million shares to 100 million shares, representing approximately between 0.31% and 0.63% of its total share capital, at up to 20 yuan per share.
Shares of the company rose more than 2% on both Hong Kong and Shanghai bourses.
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