HK Stock Market Move | ENN ENERGY (02688) opened nearly 4% higher in early trading, planning to use up to 600 million Hong Kong dollars to purchase and repurchase shares.

ENN ENERGY (02688) opened high by nearly 4% in the morning session, and as of the time of writing, it has risen by 3.6% to 51.8 Hong Kong dollars, with a trading volume of 115.498 million Hong Kong dollars. In terms of news, ENN ENERGY announced that the company has completed the purchase of reward shares under the share reward plan, with the trust currently holding 16.5846 million shares, equivalent to approximately 1.47% of the company's issued shares. In addition, the board of directors announced that they will utilize no more than 300 million Hong Kong dollars to instruct the trustee to continue purchasing shares in the open market to incentivize more outstanding employees. At the same time, the company also announced its intention to utilize another 300 million Hong Kong dollars to buy back shares in the open market. Citigroup previously released a research report stating that they have initiated a 30-day observation period for potential catalysts for ENN ENERGY. They look forward to the chairman actively communicating with investors to clarify the company's business strategy and rebuild investor confidence. They believe that the current valuation and dividend yield are attractive, reiterating a "buy" rating and predicting a dividend yield of 5% this year, with a target price of 66 Hong Kong dollars.