China Literature up on share buyback plan, Tencent Animation deal

China Literature

12/12/2023 01:53

** Shares of China Literature Ltd  0772.HK  jump 10.8% to
HK$29.65, their highest since Nov. 24, on track to snap two
sessions of decline
    ** Stock on course for the biggest one-day pct rise since
Nov. 6 if trend holds; biggest pct gainer in Hang Seng Tech
Index  .HSTECH  and Hang Seng Composite Index  .HSCI  
    ** The Chinese online literature and intellectual property
incubation platform says it proposes to buy back shares in the
market for up to 1 bln yuan ($139.36 mln) within 12 months
period as value of the shares traded on-market is undervalued
    ** Co says it has entered into an asset transfer agreement
with Tencent  0700.HK  to acquire the related assets of Tencent
Animation and Comics for 600 mln yuan ($83.6 mln) 
    ** Tencent shares slip 0.1% 
    ** Hang Seng Tech Index  .HSTECH  gains 0.1%, Hang Seng
Composite Index  .HSCI  slips 0.2% and Hang Seng Index  .HSI 
eases 0.1%
    ** China Literature stock down 4.1% YTD 
    ($1 = 7.1755 yuan)

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