Shares of Sino Biopharmaceutical Ltd. (HKG:1177), a leading biopharmaceutical company in China, surged by 7.25% on October 4, 2024, closing at a high of HK$4.15 per share.
The rally in Sino Biopharm's stock price came on the heels of news that its subsidiary, Chia Tai Tianqing Pharmaceutical, had been actively purchasing shares of the company under a share award scheme. According to a filing with the Hong Kong Stock Exchange, Chia Tai Tianqing acquired 187,385,000 shares of Sino Biopharm from May 7 to September 30, 2024, for a total consideration of HK$550.6 million.
The share buyback program, which is aimed at rewarding employees and aligning their interests with those of shareholders, is seen as a vote of confidence in Sino Biopharm's future prospects. By repurchasing its own shares, the company reduces the number of outstanding shares, effectively increasing the ownership stake of existing shareholders and potentially boosting earnings per share.
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