HK-listed Linklogis jumps on plan to buy back $100 mln shares

Linklogis

23/07/2021 05:47

** Shares of supply chain finance technology solutions
provider  9959.HK  jump 8.1% to HK$13.10, on course to gain for
a second session 
    ** Guangdong-based co says it has decided to utilize a stock
repurchase mandate to buy back shares in the open market,
subject to market conditions, and will use up to $100 mln for
the repurchase of shares (https://bit.ly/3iFAq1v)
    ** Says it will finance the proposed share repurchase with
existing cash reserves and free cash flow 
    ** Citi says the move signals management's confidence in the
 prospects of the company and should provide support to the
share price, likely boosting investor sentiment 
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
slips 1%, and the Hang Seng sub-index tracking information
technology firms  .HSCIIT  falls 1.3%
    ** Both the Hang Seng China Enterprises Index  .HSCE  and
the benchmark index  .HSI  fall 1%


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