HK-listed solar farm group GCL Technology rises on share buyback

GCL Technology Holdings

12/09/2023 05:34

** Shares of solar farm operator GCL Technology Holdings Ltd
 3800.HK  rise 5.8% to HK$1.45, their highest since Aug. 30; on
course for second session of gains
    ** Stock set for the biggest one-day pct rise since April 17
if gains hold; biggest pct gainer in Hang Seng Composite Index
on industrials stocks  .HSCIIG 
    ** Co, with market value of HK$38.33 bln ($4.89 bln), said
it bought back 15 mln shares on Sept. 11 under buyback mandate
for HK$20 mln; may buyback more in open market at appropriate
timing
    ** Says, current share prices are undervalued and it is an
appropriate time to buyback shares to enhance net asset value
and reflect its confidence in long-term growth  
    ** Hang Seng Composite Index tracking industrials stocks
 .HSCIIG  and Hang Seng Composite Index  .HSCI  both climb
0.04%; Hang Seng Index  .HSI  gains 0.01%
    ** Stock down 30.8% this year as of last close

($1 = 7.8314 Hong Kong dollars)

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