Guangdong Tianyu jumps most in nearly 11 weeks on share buyback plan
BUZZ-Guangdong Tianyu jumps most in nearly 11 weeks on share buyback plan ** Shares of Guangdong Tianyu Semiconductor 2658.HK jump 7.2% to HK$35.16, on course for the biggest one-day pct gain since July 3
** Stock set to snap three straight falling sessions
** China-based silicon carbide epitaxial wafers producer says its board of directors has approved an H-share buyback plan of up to 10% of the issued share capital in the open market to reflect the board's confidence in the firm
** Repurchased shares will be held as treasury shares, intended for employee share ownership or equity incentive plans or other permitted purposes - company
** Plan will run from date of board’s approval until expiry of repurchase mandate, co says
** Adds, repurchase price will not exceed the average closing price over the preceding five trading days by more than 5%
** YTD, stock down 26.9%, Hang Seng TECH Index .HSTECH down 21.1%
(Reporting by Donny Kwok)
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