WuXi AppTec (HKG:2359, SHA:603259) plans to repurchase up to 1 billion yuan worth of shares through bidding on the Shanghai Stock Exchange.
The shares repurchased will be canceled, reducing the company's registered capital, according to a Tuesday filing with the Hong Kong bourse.
The buyback period is up to three months, and the maximum purchase price is capped at 61.02 yuan per share. The company will utilize internal funds for the repurchase.
Hong Kong-listed shares of the biotech firm closed almost 7% higher on Wednesday.
Price (HKD): $34.35, Change: $+2.2, Percent Change: +6.68%
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