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BUZZ-China's AI firm Bairong hits 3-month peak on share repurchase plan

Reuters
Sep 30, 2024

** Shares of Chinese artificial intelligence $(AI)$ technology services firm Bairong Inc jump 9% to HK$9.53, their highest since June 20

** Stock on course for a third straight session of gains, if current trend holds

** Bairong says its board has resolved to increase size of its share repurchase plan to up to HK$375 mln ($48.25 mln), from HK$250 mln, and extend the period until May 31, 2025 to demonstrate confidence in its own business outlook and prospects

** Hang Seng Composite Index, which tracks information technology firms , edges 0.3% higher, Hang Seng Tech Index rises 3.3% and Hang Seng Index adds 1.3%

** Stock down 31.2% YTD

($1 = 7.7728 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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