HK Stock Market Move | HIPINE (02583) rose by over 30% this morning, planning to use no more than 30 million yuan to repurchase H shares.

HIPINE (02583) rose more than 30% this morning, it is worth noting that the stock's trend this week is like a "roller coaster". On June 10th, the stock soared over 80% to 101.4 Hong Kong dollars at one point, but yesterday it fell over 17% giving back most of the gains. The stock has dropped over 60% since its historical high of 216 Hong Kong dollars in January. As of the time of writing, it is up 13.83%, trading at 68.3 Hong Kong dollars, with a turnover of 144 million Hong Kong dollars. On the news front, HIPINE announced yesterday that it plans to repurchase H shares based on the general authorization to repurchase H shares, with the total amount not exceeding the equivalent of 30 million yuan in Hong Kong dollars. In addition, China Galaxy Securities recently pointed out in a research report that HIPINE, as a leading domestic pure gold precious metal watch industry, has built a strong differentiation competitive advantage under advanced brand craftsmanship and diversified cross-border cooperation, with a high brand premium.