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Chaoda Modern Agriculture, Chairman Buy Stock for Second Day

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May 27 (Bloomberg) -- Chaoda Modern Agriculture (Holdings) Ltd. bought 10.7 million of its shares today and the chairman bought 1 million, the company said in a statement to the Hong Kong stock exchange.

The Chinese fruit and vegetable producer bought the shares at prices from HK$3.64 to HK$3.79 each, according to the filing. Chairman Kwok Ho bought stock at an average price of HK$3.706, the company said in the same statement.

The transactions follow the purchase of 2.2 million shares by the company and 1 million by Kwok yesterday as the stock plunged as much as 25 percent after a Next Magazine report alleged Chaoda overstated the size of its farmland.

Chaoda rose 4.7 percent in Hong Kong trading today to close at HK$3.79. The company yesterday said the Next report is “not factually accurate” and reserved the right to take legal action against the magazine.

Chaoda had 3.34 billion shares outstanding on May 6, according to Bloomberg data. Shareholders approved a general mandate for the board of directors in November to buy back stock.

To contact the reporter on this story: Debra Mao in Hong Kong at dmao5@bloomberg.net

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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