HK Stock Market Move | CSPC Pharma (01093) opened over 6% higher. The company plans to repurchase up to HKD 5 billion worth of shares.

CSPC PHARMA (01093) opened more than 6% higher, rising 6.18% to HK$4.98 as of the time of writing, with a trading volume of HK$58.5825 million. On the news front, CSPC PHARMA announced that its board of directors has further resolved to repurchase up to HK$5 billion worth of shares in the market over a period of 24 months starting from the date of the announcement. The shares repurchased will be cancelled. The company will use its available cash reserves to fund the share buybacks. CSPC PHARMA stated that the board of directors is confident in the group's business development and prospects, and believes that the current stock price is lower than its actual value. The implementation of the share buyback plan is aimed at demonstrating the company's confidence in its business prospects and enhancing shareholder returns. The board of directors believes that the implementation of the share buyback plan is in the best interests of the company and its shareholders overall.