Sina Technologies News October 26 morning news, Huaxing Capital announced that it plans to invest no more than 400 million Hong Kong dollars for stock repurchase. Huaxing Capital said the Board believed that the current share price could not reflect the intrinsic value of the shares and the business prospects of investors.
The announcement said the repurchase reflects the board and management's confidence in the company's long-term strategy and growth, and that it is in the best interests of the company and shareholders. The company will allocate funds from the available cash reserve and free cash flow for repurchase.
Huaxing capital closed at HK $13.9 yesterday, and its market value shrank to HK $7 billion 600 million.
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