China Conch Venture jumps on plan to buy back share

China Conch Venture Holdings

12/10/2023 08:36

** Shares of environmental protection solutions provider
China Conch Venture Holdings  0586.HK  jump as much as 11.5% to
HK$6.87, their highest since Sept 21
    ** Stock marks the biggest one-day rise since July 2015, if
gains hold; sixth biggest gainer in Hang Seng Composite Index
 .HSCI  
    ** Co says it plans to buy back up to 181.3 mln shares in
the open market and it will finance the share repurchase plan
from its existing available cash reserves and free cash flow
    ** Hang Seng Commerce & Industry Index  .HSNC  adds 1.7%, 
Hang Seng Composite Index  .HSCI  climbs 1.8% and Hang Seng
Index  .HSI  rises 1.9%
    ** Stock down 60.6% YTD


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