HK Stock Market Move | LEE'S PHARM (00950) rises by over 6%, planning to repurchase no more than 50 million Hong Kong dollars of company shares.

LEE'S PHARM(00950) surged more than 6%, rising 6.67% to HK$1.12 as of the time of writing, with a turnover of HK$2.1999 million. On the news front, LEE'S PHARM announced last night that it will initiate a share repurchase plan in accordance with its repurchase authorization, with a total cost not exceeding HK$50 million. The group disclosed that it has been authorized to repurchase up to approximately 58.883 million shares, and plans to allocate its own resources for the repurchase while retaining sufficient financial resources to support ongoing business growth. The Board believes that the current stock price is undervalued compared to its intrinsic value and what investors perceive as value, making it an opportune time for a share repurchase. The share repurchase plan reflects the Board's confidence in the current business development and future prospects of the group.