Shares of CG SERVICES (06098) surged 9.94% during intraday trading on Tuesday, with the Hong Kong-listed property management company recording its biggest single-day gain since October 2nd.
The stock's rally came after CG SERVICES announced plans to repurchase up to 334.3 million shares, or 10% of its outstanding shares, through an on-market share buyback program. The company stated that the buyback aims to demonstrate confidence in its long-term business prospects and improve returns for shareholders.
Share buybacks are typically viewed positively by investors as they reduce the number of shares outstanding and increase earnings per share. The announcement from CG SERVICES indicates that the company's management believes its stock is undervalued currently and that repurchasing shares is an effective use of capital to enhance shareholder value.
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