HK-listed tech group Bairong hits 4-week high on share buyback plan

Bairong

31/05/2021 04:09

** Shares of AI-powered tech platform operator Bairong Inc
 6608.HK  rise as much as 8.4% to HK$21.45
    ** Stock at highest since May 4, on track to snap two
straight sessions of losses
    ** Beijing-based co plans to buy back up to HK$388 mln ($50
mln) worth of shares in open market to demonstrate confidence in
its own business outlook and prospects  urn:newsml:reuters.com:*:nFWN2NH00N
    ** Says will finance the repurchase from its available cash
reserves and free cash flow 
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  rises 2.1%, and the Hang Seng Tech
Index  .HSTECH  surges 1%
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.1%, while the benchmark index  .HSI  slips 0.4%



($1 = 7.7613 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)