China's 3D Medicines jumps on share buyback plan

3D Medicines

04/10/2023 03:26

** Shares of Chinese cancer chronic disease treatment
developer 3D Medicines Inc  1244.HK  jump as much as 21.7% to
HK$6.28
    ** Stock on course for the biggest one-day rise since Dec
21, 2022 if gains hold; biggest pct gainer in Hang Seng
Composite Index  .HSCI  
    ** Shanghai-based company proposes to repurchase up to 25.6
mln shares, or 10% of the issued share capital, in the open
market 
    ** Says the current trading of the shares does not reflect
their intrinsic value and the actual business prospects of the
company 
    ** Co says its financial position is solid and healthy and
its own financial resources would enable it to conduct the
proposed share repurchase plan without affecting its development
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 1.1%
and healthcare index  .HSCIH  falls 1.5%%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  slips 0.9% and 0.7%, respectively
    ** Stock down 87.4% YTD 
    
  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))