HK Stock Market Move | MNSO (09896) rose over 4% in early trading, planning to repurchase up to 2 billion Hong Kong dollars worth of shares.

MNSO (09896) rose more than 4% in early trading, reaching a 2.98% increase and closing at 23.5 Hong Kong dollars with a trading volume of 8.824 million Hong Kong dollars. On the news front, on June 29, MNSO announced that the board has authorized a new share repurchase plan. According to the plan, the company can repurchase up to 2 billion Hong Kong dollars worth of shares and/or American depositary shares in the open market within a 12-month period starting from June 30, 2026. The company is expected to use surplus cash from its balance sheet to fund the repurchases under the 2026 share repurchase plan. The board is confident in the company's business outlook and prospects, believing that the current stock price is below its intrinsic value. Under the extended share repurchase plan for 2024, the company has repurchased shares and/or American depositary shares worth approximately 1.37 billion Hong Kong dollars in the open market. By adopting the 2026 share repurchase plan, the company aims to promote the interests of its shareholders, balancing rapid growth with a commitment to provide stable and predictable returns to shareholders.