Swatch Partner Hengdeli Rises on Share Buyback: Hong Kong Mover
Hengdeli climbed 2.4 percent to HK$2.14 at the close of trading in Hong Kong. The city’s Hang Seng Index rose 0.85 percent.
The company bought 4.1 million shares for HK$8.7 million ($1.1 million) over two days because it has “full confidence” in its future, Hengdeli said in a press release. The watch retailer’s stock has lost 16 percent this year, compared with the Hang Seng’s 1.3 percent gain, amid concerns about a slowdown in China’s economy.
“It shows that the management still has confidence in the share price performance and the operations of the whole company,” said Claudia Ching, a Hong Kong-based analyst with CCB International Securities.
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