HK Stock Market Move | Kunlun Energy (00135) rises more than 3%, the company launches a repurchase plan to demonstrate long-term development confidence.

KUNLUN ENERGY (00135) rose more than 3%, ending at a 3.03% increase, at HK$7.83, with a turnover of HK$2.12 billion. On the news front, recently, KUNLUN ENERGY announced that the company will repurchase up to 86.59 million shares (equivalent to approximately 1% of the company's issued share capital as of the announcement date) using existing cash in the open market from the date of the repurchase announcement until the end of the Annual Shareholders' Meeting in 2027. It is expected that the repurchased shares will be cancelled at an appropriate time. The actual repurchase price per share will not exceed 5% of the average closing price of the shares in the five trading days prior to each repurchase. Shenwan Hongyuan Group believes that the company's repurchase plan can enhance earnings per share and capital return to shareholders, demonstrating confidence in long-term development. In addition, the upcoming commissioning of the Fuqing receiving station next year will guarantee the company's future growth. Furthermore, the company is a leader in the industrial and commercial gas sector and is expected to benefit from the demand for industrial fuel substitution under the "dual carbon" policy, supporting continuous growth in its main business.