HK Stock Market Move | ZTE Corporation (00763) rose more than 5% in the afternoon, planning to spend up to 1.2 billion yuan to repurchase A-shares of the company.

ZTE Corporation (00763) rose more than 5% in the afternoon, and as of press time, it was up 4% at 28.6 Hong Kong dollars, with a turnover of 1.078 billion Hong Kong dollars. On the news front, ZTE Corporation announced at noon that it plans to use its own funds to repurchase the company's A shares in a centralized bidding trading manner, for the implementation of the company's employee stock ownership plan or equity incentive. The total amount of this repurchase fund is not less than 1 billion yuan and not more than 1.2 billion yuan. Based on the maximum repurchase fund of RMB 1.2 billion and the maximum repurchase price of RMB 63.09 per share, the number of shares repurchased by the company this time is approximately 19.02 million shares, accounting for approximately 0.40% of the company's current total share capital. The specific number of repurchased shares will be based on the actual number of shares repurchased at the end of the repurchase period. The repurchase period will be within 12 months from the date when the board of directors approves the repurchase plan.