HK Stock Market Move | BINHAI INV(02886) rose more than 5% and plans to spend up to HK$20 million to repurchase a maximum of 135 million shares.

BINHAI INV (02886) surged more than 5%, rising to 5.21% as of the time of publication, to 1.01 Hong Kong dollars, with a turnover of 2.0324 million Hong Kong dollars. On the news front, BINHAI INV announced this morning its intention to exercise the power under the general mandate granted by the resolution passed at the shareholders' annual general meeting on May 10 to repurchase up to 135 million ordinary shares, representing 10% of the total number of shares issued on the date of the shareholders' annual general meeting. The company will repurchase shares on the open market as needed, using up to 20 million Hong Kong dollars for the proposed share repurchase. The company believes that the current trading price of the shares is lower than their intrinsic value, which may not fully reflect the company's business prospects. By implementing the proposed share repurchase, the company aims to demonstrate confidence in its business outlook and prospects, ultimately benefiting the company and creating value for its shareholders.