Shares of CSPC Pharmaceutical Group Ltd (CSPC PHARMA) surged 6.18% on Thursday morning, following the company's announcement of a share buyback plan worth up to HK$5 billion (approximately $640 million).
In a statement released on Wednesday, CSPC PHARMA said it would repurchase its shares on the open market using the company's available cash resources. The buyback program is aimed at enhancing shareholder value and reflecting the company's confidence in its future prospects.
Share buybacks are often seen as a positive signal by investors, as they reduce the number of outstanding shares and can potentially boost earnings per share and stock valuations. The move by CSPC PHARMA suggests that the company believes its shares are undervalued and represents an attractive investment opportunity.
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