HK Stock Market Move | CSPC PHARMA (01093) rose more than 4% again. Hypertension drugs approved for clinical trials. The company recently announced a HK$5 billion share buyback plan.

CSPC PHARMA (01093) rose by over 4%, as of the time of writing, it has risen by 4.26% to 5.14 Hong Kong dollars, with a turnover of 293 million Hong Kong dollars. On the news front, CSPC PHARMA announced that its developed "Valsartan and Amlodipine Maleate Tablets" has been approved by the China National Medical Products Administration for clinical trials in China. CSPC PHARMA stated that the approved clinical indication is for primary mild to moderate hypertension that cannot be effectively controlled with monotherapy. This product has clinical development value compared to monotherapy hypertension products in terms of efficacy and safety. It is worth noting that CSPC PHARMA has announced a plan to buy back up to 5 billion Hong Kong dollars in shares over the next 24 months, on top of the current 1 billion Hong Kong dollar share buyback plan that is in effect. The company has already completed a buyback of 1.0578 billion Hong Kong dollars since the beginning of the year, accounting for 2.1% of its issued shares. According to the company's 2024 interim report data, as of June 30, CSPC PHARMA's cash and cash equivalents amounted to 7.495 billion yuan, equivalent to approximately 8.273 billion Hong Kong dollars.