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Haitong Seeks to Buy Back $3.48 Billion of Stock Amid Rout

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Haitong Securities Co. will buy back as much as 21.6 billion yuan ($3.48 billion) of its Shanghai-listed and Hong Kong-listed shares, as China scrambles to control its biggest stock-market plunge since 1992.

The Shanghai-based brokerage will repurchase A shares for as much as their Wednesday close of 18.8 yuan apiece, according to a statement to the city’s exchange the same day. The company will pay up to HK$17.18 each in Hong Kong, a 24 percent premium to its last price before a suspension. The H shares resumed trading Thursday, opening with a 17 percent slide before ending down 0.6 percent. The A shares jumped 10 percent.