China's GCL Technology surges most in four weeks on buying back shares

GCL Technology Holdings

28/12/2022 06:41

** Shares of Chinese solar materials maker GCL Technology
Holdings Ltd  3800.HK  surge as much as 8% to HK$2.15 and on
course for the biggest daily pct rise since Nov 30, if gains
hold
    ** Stock hits the highest since Dec. 14; the sixth-biggest
percentage gainer on the Hang Seng Composite Index on
industrials  .HSCIIG 
    ** The polysilicon and wafer products manufacturer says it
has bought-back 12.5 mln shares in the open market for HK$25 mln
($3.21 mln) on Dec 23 and it may buy back more shares at
appropriate timing  urn:newsml:reuters.com:*:nFWN33E07T
    ** Company, with market value of $7.31 blb, says the share
buy-back reflects its confidence in the long-term growth while
maintaining sufficient financial resources for growth of its
operation
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
1.1%, and the Hang Seng Composite Index on industrials  .HSCIIG 
rises 1.6%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both climb 1.2%
    ** As of last close, the stock had fallen 29.1% this year
    ($1 = 7.7907 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))