Wuhu Foresight Technology (SHE:301529) applied for a 12-month loan amounting up to 50 million yuan at China Merchants Bank (SHA:600036, HKG:3968) for a share buyback plan, a Sunday disclosure on the Shenzhen Stock Exchange said.

The automotive interior product manufacturer plans to repurchase shares worth between 30 million yuan and 50 million yuan to be used for its employee stock ownership plans or as equity incentives.

Each share, which will be bought back within 12 months, will not exceed 38 yuan, the disclosure said.

The company's shares surged 20% at the close.

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