Shares of WuXi AppTec, a leading biotech company, surged 12.55% on Monday, closing at HK$54.60, following an announcement from the company about its massive share buyback program.
According to a stock exchange filing on September 27th, WuXi AppTec bought back 23,934,621 A shares through bidding on the Shanghai Stock Exchange for 1 billion yuan (approximately HK$1.14 billion). The repurchased shares, which represent 0.82% of the company's total issued share capital, were acquired at an average price of 41.78 yuan per share.
The repurchased shares will be canceled, effectively reducing the company's registered capital. This share buyback program is seen as a positive signal by investors, as it not only increases the ownership stake of existing shareholders but also reflects the company's confidence in its future prospects and its commitment to enhancing shareholder value.
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