Wuhu Foresight Technology (SHE:301529) applied for a 12-month loan amounting up to 50 million yuan at China Merchants Bank (SHA:600036, HKG:3968) for a share buyback plan, a Sunday disclosure on the Shenzhen Stock Exchange said.
The automotive interior product manufacturer plans to repurchase shares worth between 30 million yuan and 50 million yuan to be used for its employee stock ownership plans or as equity incentives.
Each share, which will be bought back within 12 months, will not exceed 38 yuan, the disclosure said.
The company's shares surged 20% at the close.
Price (HKD): $41.02, Change: $+6.8, Percent Change: +20.01%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments