HK Stock Market Move | Foshan Haitian Flavouring and Food (03288) increased by more than 3%, planning to repurchase up to 2 billion yuan of the company's A shares.

Foshan Haitian Flavouring and Food (03288) rose more than 3%, with the company's A-shares surging over 7% this morning. As of the time of writing, the stock was up 3.64%, trading at HK$30.2 with a turnover of HK$48.69 million. On the news front, on the evening of June 22, Foshan Haitian Flavouring and Food announced that, based on a firm confidence in the steady operation of the industry and the company, in order to maintain the overall best interests of all shareholders, enhance investor confidence, promote the healthy and stable long-term development of the company, and help achieve the company's strategic objectives, the company plans to implement a stock repurchase using its own funds, to reduce registered capital or for future implementation of employee stock ownership plans or equity incentives. The announcement stated that the total amount of funds for this repurchase is between 1 billion to 2 billion yuan. The repurchase price will not exceed 53 yuan per share, which is not higher than 150% of the average trading price of the company's stock for the 30 trading days before the board of directors approved the repurchase plan. The repurchase period shall not exceed 12 months from the date of the shareholders' meeting approving the repurchase plan.