Shares of YIDU TECH (HKG:02158) plummeted 9.92% on October 9th, despite the company's announcement to repurchase up to 106 million shares, representing 10% of its total outstanding shares.
According to filings with the Hong Kong Stock Exchange, YIDU TECH, a healthcare technology products and services provider, plans to use its internal cash resources to buy back shares on the open market from time to time. The repurchase mandate was granted during the company's annual general meeting on August 30th.
However, the share repurchase plan failed to boost investor confidence in the short term. YIDU TECH's stock closed at HK$3.87 on October 9th, down nearly 10% from the previous trading day.
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