HK-listed Flowing Cloud hits over 4-month peak on share buyback plan

Flowing Cloud Technology

15/11/2023 02:27

** Shares of Flowing Cloud Technology Ltd  6610.HK  jump
11.4% to HK$1.85, their highest since July 4
    ** Stock set for the biggest one-day pct rise since Sept 19,
if gains hold, and is biggest pct gainer in Hang Seng Composite
Index  .HSCIIT , which tracks information technology firms 
    ** The Chinese augmented reality/virtual reality (AR/VR)
marketing services provider says it plans to repurchase shares
in the open market for up to HK$70 mln ($9 mln) as the current
trading price does not reflect its intrinsic value 
    ** Says the share repurchase demonstrates the co's 
confidence in its long-term development and the deal is to be
funded by internal cash resources
    ** Hang Seng Composite Index, which tracks information
technology firms  .HSCIIT , rises 2.5%, and Hang Seng Tech Index
 .HSTECH  adds 2.4%
    ** Stock down 57.6% YTD 


($1 = 7.8042 Hong Kong dollars)

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