On July 28, CMBC CAPITAL rose 12.71% in regular trading, trading at HK$1.25/share, with turnover of HK$15.41 million.
On the news front, the company repurchased 1 million shares on July 27 through the Hong Kong Stock Exchange at prices ranging from HK$1.05 to HK$1.23 per share, spending approximately HK$1.1659 million in total. The buyback was conducted under a general mandate approved by shareholders on June 26, authorizing the repurchase of up to 109,696,869 shares.
The stock had plunged over 60% across three consecutive trading days prior to the rebound. The sharp decline was primarily triggered by shareholder Smart Fish Wealthlink announcing on July 24 the disposal of approximately 31.78 million shares at a total consideration of HK$95.347 million, expecting a loss of HK$25.2 million. Additionally, the lapse of the IPO prospectus for sponsored project Puqi Medicine further weighed on sentiment, though Puqi Medicine submitted a second filing to the Hong Kong Stock Exchange on July 24.
The buyback signals management confidence in the company's valuation, prompting short-term capital to participate in an oversold rebound.
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