Tencent-backed China Literature jumps most in nearly 4 months on share buyback plan

China Literature

19/08/2022 04:34

** Shares of online literature and intellectual property
(IP) incubation platform operator China Literature Ltd  0772.HK 
jump as much as 8.6% to HK$31.60, biggest daily pct gain since
April 29, if gains hold
    ** Stock hits the highest since Aug. 15 and on course to
snap three straight sessions of decline; biggest pct gainer in
Hang Seng Tech Index  .HSTECH  and second biggest pct gainer in
Hang Seng Composite Index  .HSCI  
    ** Tencent-backed company says its board has approved its
proposed on-market share buy-back plan to repurchase up to 102.2
mln shares for up to 700 mln yuan ($102.82 mln) cash, a move to
be funded by available cash reserves and free cash flow
 urn:newsml:reuters.com:*:nFWN2ZU523
    ** Says value of the shares traded on-market is undervalued
and the company's financial resources would enable it to conduct
the share buy-back plan with its own resources and it reflects
the board's confidence in the firm's prospects
    ** Tencent  0700.HK  shares rise 2.1% 
    ** Hang Seng Tech Index  .HSTECH  rises 1%, Hang Seng
Composite Index  .HSCI  gains 0.6% and Hang Seng Index  .HSI 
climbs 0.5% 
    ** As of last close, stock of the Shanghai-based firm
dropped 40.6% this year
    
($1 = 6.8082 Chinese yuan)

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