China's TUHU Car jumps on strong results, share buyback plan

TUHU Car

15/03/2024 04:11

** Shares of China's online and offline automotive service
provider TUHU Car Inc  9690.HK  jump 11.1% to HK$12.60, on
course for the biggest one-day pct gain since debut on Sept 26
last year
    ** Stock is third biggest pct gainer in Hang Seng Composite
Index  .HSCI  
    ** Co posts 6.7 bln yuan ($931 mln) profit for 2023,
compared with 2.14 bln yuan loss in 2022, with revenue up 17.8%
YoY to 13.6 bln yuan  
    ** Co, with current market value of $1.26 bln, proposes to
repurchase shares for up to HK$1 bln (about $128 mln) to
demonstrate confidence in business outlook and prospects 
    ** Hang Seng Commerce & Industry Index  .HSNC  falls 2.3%, 
Hang Seng Composite Index  .HSCI  drops 1.9% and Hang Seng Index
 .HSI  down 2%
    ** Stock dropped 57.3% YTD  


($1 = 7.1964 Chinese yuan renminbi)

($1 = 7.8222 Hong Kong dollars)

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