China's restaurant chain Jiumaojiu rises on share buyback plan

Jiumaojiu International Holdings

03/11/2023 03:17

** Shares of Hong Kong-listed Chinese restaurant chain
operator Jiumaojiu International Holdings Ltd  9922.HK  rise 3%
to HK$8.19, heading for the biggest one-day pct rise since Oct.
10, if gains hold
    ** Guangdong-based Jiumaojiu says it intends to repurchase
shares in the open market for up to HK$150 mln ($19.2 mln) to
show its confidence in its long-term business prospects, adding
that the current stock price does not reflect the intrinsic
value
    ** "The group will continue to pursue sustainable organic
growth by expanding its restaurant network and investing in
supply and production capacity" - chairman Guan Yihong
    ** Hang Seng Consumption Index  .HSCGSI  rises 2.3%, and
Hang Seng Index  .HSI  up 2.4%
    ** Stock down 61% YTD 


($1 = 7.8245 Hong Kong dollars)

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