HK Stock Market Move | GLOBAL BIO-CHEM (00809) rose over 12% in the morning. According to the repurchase authorization, the share repurchase plan has begun.

GLOBAL BIO-CHEM (00809) rose by over 12%, as of the time of writing, it is up by 12.5% at $0.072 Hong Kong dollars, with a trading volume of 1.1391 million Hong Kong dollars. In terms of news, GLOBAL BIO-CHEM announced that the company has started to exercise the power under the general authorization granted by the resolution passed by the shareholders at the special general meeting of the company held on October 25, 2024, to repurchase up to 10% of the total number of issued shares on the day of the special general meeting. The announcement stated that in view of the current market conditions, the board of directors has decided to from time to time utilize the share repurchase authorization to repurchase shares on the open market, not exceeding a total of 891 million shares, which is 10% of the total number of shares issued on the date of the special general meeting (the share repurchase plan). The share repurchase plan has been implemented in accordance with the share repurchase authorization and will remain valid until the expiry of the current share repurchase authorization at the company's next annual general meeting to be held in 2025; or upon the expiration of the period when the company is required by the company's articles of association, the Companies Law of the Cayman Islands (Chapter 22 of the Laws of the Cayman Islands of 1961, as amended) or any other applicable laws of the Cayman Islands to hold the next annual general meeting of shareholders; or upon the expiry of the term when the shareholders of the company revoke or amend the authorization granted to the directors at the shareholders' meeting by an ordinary resolution.