Askume, Sept 19 – Hong Kong-listed CSPC Pharmaceutical Group (1093.HK) said on Thursday it will buy back up to HK$5 billion (US$640 million) of shares over the next two years.
The drugmaker has spent approximately HK$773 million under the ongoing HK$1 billion buyback programme and will use available cash reserves to fund the programme.
“The board remains confident about the group’s business growth and future and believes that the company’s current share price is below its intrinsic value,” the company said.
CSPC’s net profit fell nearly 50% to 137 million yuan ($19.39 million) in the six months ended June 30.
(1 USD = 7.7931 HKD)
(1 USD = 7.0639 RMB)
