HK-listed Kingsoft jumps most in nearly 5 weeks on share buyback plan

Kingsoft

31/08/2021 04:43

** Shares of online and mobile games developer Kingsoft Corp
Ltd  3888.HK  jump 6% to HK$30.10, their biggest intraday
percentage gain since July 29
    ** Stock is the biggest percentage gainer in both the Hang
Seng sub-index tracking information technology firms  .HSCIIT 
and the Hang Seng Tech Index  .HSTECH  
    ** The Beijing-based co says it will use a share repurchase
mandate to buy back up to HK$1 bln ($128.44 mln) to reflect
confidence in long-term growth (https://bit.ly/2Y6vRqt)
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  falls 1.9%, and the Hang Seng Tech
Index  .HSTECH  slips 1.3%
    ** The Hang Seng China Enterprises Index  .HSCE  and the
benchmark index  .HSI  both ease 1.6%
    ** Stock down 43.2% this year, as of last close 

    ($1 = 7.7860 Hong Kong dollars)

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