HK Stock Market Move | KUNLUN ENERGY(00135) rose nearly 3%, planning to repurchase up to 86.59 million shares in the open market from time to time.

KUNLUN ENERGY (00135) rose nearly 3%, as of the time of writing, it rose 2.96% to 7.65 Hong Kong dollars, with a turnover of 25.8052 million Hong Kong dollars. In terms of news, on January 16, KUNLUN ENERGY announced that the board of directors has resolved to update the repurchase authorization at the company's shareholders' annual meeting in 2026 according to the existing repurchase authorization terms. The company may repurchase up to 86.59 million shares (equivalent to approximately 1% of the issued share capital as of the date of this announcement) from the announcement date to the end of the shareholders' annual meeting in 2027. The company will use existing cash resources for the share repurchase. It is expected that any repurchased shares will be cancelled at the appropriate time. According to the listing rules, the actual repurchase price per share shall not exceed 5% higher than the average closing price of the shares for the five trading days immediately preceding each repurchase. The board of directors believes that, given the group's business and financial performance, the trading price of its shares does not fully reflect its intrinsic value. Repurchasing shares is expected to enhance earnings per share and return on capital, therefore serving the overall interests of the company and shareholders, as well as reflecting the board's confidence in the future development of the group.