China's Simcere Pharma jumps on profit growth, share buyback hike

Simcere Pharmaceutical

21/03/2024 07:14

** Shares of Simcere Pharmaceutical Group  2096.HK  rise
4.3% to HK$5.53, on course for biggest one-day pct gain since
Feb 16 if trend holds
    ** Stock hits the highest level since March 14
    ** Generic drugs producer says its 2023 net profit rose
23.2% YoY to 715 mln yuan ($99.32 mln), with revenue up 4.5% to
6.6 bln yuan 
    ** Co says to double share buyback in the open market to 1
bln yuan ($138.91 million), effective March 30, and it has
bought back HK$355 mln ($45.40 mln) since June 26, 2023   
    ** The Hang Seng Commerce & Industry Index  .HSNC  adds
2.2%, the healthcare index  .HSCIH  gains 0.1% and the Hang Seng
Index  .HSI  rises 2.3%
    ** Stock down 18.4% YTD  
($1 = 7.1988 Chinese yuan)
($1 = 7.8199 Hong Kong dollars)

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