China's Country Garden Services jumps on share buyback plan

Country Garden Services Holdings

02/08/2023 03:20

** Shares of Chinese property management service group
Country Garden Services Holdings Co Ltd  6098.HK  jump as much
as 21% to HK$10.16 after two straight sessions of decline
    ** Stock set for biggest one-day pct rise since July 25, if
gains hold; biggest pct gainer in the Hang Seng Index  .HSI  and
the Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  
    ** Guangdong-based co says it plans to repurchase up to
337.3 mln shares in the open market to demonstrate its
confidence in its long-term business prospects
    ** Says it is in a stable financial position and is able to
maintain sufficient financial resources to meet the needs of its
 business growth while carrying out the share repurchase
    ** Co also expects to post H1 unaudited net profit of 2.32
bln-2.58 bln yuan ($323.74 mln-$360.02 mln) and unaudited core
net profit 2.60 bln-2.89 bln yuan  
    ** The Hang Seng Mainland Properties Index  .HSMPI  surges
3.6%, the Hang Seng Composite Index tracking properties and
construction stocks climbs 0.9%, while the Hang Seng Index slips
0.3%
    ** As of last close, the stock had dropped 55.5% this year
($1 = 7.1662 Chinese yuan)

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