Chinese apps developer Newborn Town jumps on share buyback

Newborn Town

09/06/2022 06:08

** Shares of Chinese mobile application developer and mobile
advertising platform operator Newborn Town Inc  9911.HK  jump as
much as 6.4% to HK$3.16, highest and biggesst daily pct gain
since April 14 if gains hold
    ** Beijing-based company says it bought back 1.42 mln
shares, as part of its award scheme, at an average price of
HK$2.80 each in the open market for HK$3.97 mln ($505,848) (https://bit.ly/3O2CVsP)
    ** Says the current share price of the company is
undervalued and it will continue to buy back shares 
    ** The Hang Seng sub-index on information technology firms
 .HSCIIT  climbs 0.3%, and the Hang Seng Tech Index  .HSTECH 
gains 0.8%
    ** The Hang Seng Composite Index  .HSCI  slips 0.3% and the
benchmark index  .HSI  eases 0.2%
    ** The stock had fallen 19.7% this year as of last close

    ($1 = 7.8482 Hong Kong dollars)

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