China Longyuan Power surge in Hong Kong after announcing share repurchase plan

 

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Shares of China Longyuan Power Group jumped as much as 6.6% to hit a high of HK$6.67 in Hong Kong after the company announced H-share repurchase plan.

In order to maintain corporate value and shareholders’ interests and boost the share price, China Longyuan has proposed to the board of directors to repurchase H shares not exceeding 10% of the total number of H shares in issue.

Longyuan has reported a profit attributable to owners of 4.96 billion yuan, rising by 14.45% from a year earlier, but revenue fell by 8.4% to 19.85 billion yuan. BOCOM International had cut the target price by 19% to HK$8.57 from HK$10.62, maintaining a Buy rating.