Maoyan Entertainment shares climb on buyback plan
Maoyan Entertainment shares climb 3.7% to HK$3.74, the biggest one-day percentage gain since Aug. 10. The online entertainment ticketing provider plans to repurchase shares on the open market for up to HK$250 million ($31.86 million) to reflect confidence in the company's business outlook.
74, putting the stock on track for its biggest one-day percentage gain since August 10. The move would end three straight sessions of declines. 86 million). The company said the repurchase is intended to reflect the board and management's confidence in its business outlook and growth.
Maoyan said it will fund the buyback from existing available cash reserves and free cash flow. 5% drop in the Hang Seng Index. 8473 Hong Kong dollars)