China auto service group TUHU jumps most in 9 weeks on share buyback plan

TUHU Car

25/06/2024 04:45

** Shares of Chinese online and offline automotive service
platforms operator TUHU Car Inc  9690.HK  jump 6% to HK$24,
their biggest one-day pct gain since April 26
    ** Stock touches the highest since June 18, and on course
for a third straight session of gains, if current trend holds 
    ** Co, with current market valuation of HK$18.6 bln ($2.4
bln), says it intends to conduct share repurchase in the open
market in a move to demonstrate its confidence in its own
business outlook and prospects 
    ** Co says it has utilised over HK$204 mln for the share
repurchase from March 18 to April 22 and all shares repurchased
were subsequently cancelled on June 3 
    ** Hang Seng Tech Index  .HSTECH  slips 0.4%, while Hang
Seng Commerce & Industry Index  .HSNC  gains 0.4% and Hang Seng
Index  .HSI  adds 0.3%
    ** Stock down 18.3% YTD  

   ($1 = 7.8068 Hong Kong dollars)

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