China's sauce maker Yihai climbs on share buy back proposal

Yihai International Holding

09/05/2023 05:48

** Shares of Yihai International Holding Ltd  1579.HK  climb
as much as 3.6% to HK$21.55, their highest since April 20,
extending gain for the second session in a row
    ** The Shanghai-based company proposes to buy back up to
HK$200 mln ($25.5 mln) worth of shares in the open market in a
show of confidence in its own business outlook and prospects
    ** The chicken essence and hot pot dipping sauce maker says
its internal financial resources will allow it to buy back
shares while maintaining a solid financial position
    ** The Hang Seng Commerce & Industry Index  .HSNC  eases 0.%
and the Hang Seng Composite Industry Index tracking consumer
staples  .HSCICS  slips 0.1%
    ** The Hang Seng Composite Index  .HSCI  declines 0.6% and
the Hang Seng Index  .HSI  is down 0.5%
    ** As of last close, the stock had fallen 24.6% this year
 
 ($1 = 7.8489 Hong Kong dollars)

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