HK Stock Market Move | Giant Biogene (02367) rose more than 6% in the afternoon, and plans to repurchase up to 104 million shares.

GIANT BIOGENE (02367) rose more than 6% in the afternoon, rising 6.12% to HK$38.84 at the time of writing, with a turnover of HK$376 million. On the news front, GIANT BIOGENE announced at noon that it plans to exercise its share buyback authorization to repurchase company shares. Under the share buyback authorization, the company is allowed to repurchase up to 1.036 billion shares, which is 10% of the number of shares issued (excluding treasury shares). The board of directors believes that the current stock price is below the company's intrinsic value, does not fully reflect the business prospects and asset value, and the buyback plan is in the best interests of the company and shareholders as a whole. It is an effective measure for capital management and optimizing the capital structure. The buyback plan will comply with relevant regulations and authorizations, and repurchased shares will be timely cancelled and/or held as treasury shares.