Luxury car dealer China Harmony jumps to 2-week high on share buyback plan

China Harmony Auto Holding

14/09/2018 03:16

** Shares of China Harmony New Energy Auto Holding Ltd
 3836.HK  jump 18.7 pct to HK$3.30, highest since Aug. 30, after
the luxury car dealer announces plan to buy back shares 
    ** Stock posts biggest intraday pct gain since July 2015;
last up 11.9 pct at HK$3.11  
    ** Co says its board has approved a share repurchase plan,
buying up to 55 mln shares  urn:newsml:reuters.com:*:nFWN1VZ0GN
    ** Co initiates repurchase plan as prevailing share price
does not reflect its assets quality and is below its intrinsic
valuation 
    ** As of previous close, stock had fallen 51.2 pct this year
    ** China Harmony has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 10.7 pct points in the past
month
    ** Hong Kong benchmark index  .HSI  up 0.6 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)