Jiangsu Hengrui to buy back up to 2 bln yuan shares

Chinese drug developer and producer Jiangsu Hengrui Pharmaceuticals (1276) said it plans to repurchase its A-shares on the secondary market through centralized bidding, using between 1 billion yuan (HK$1.09 billion) and 2 billion yuan of its own funds.

The repurchased shares will be allocated to its employee stock ownership plan. The buyback price will not exceed 90.85 yuan per share.

The company reported a 29.7 percent year-on-year increase in first-half net profit attributable to shareholders to 4.45 billion yuan, while revenue rose 15.9 percent to 15.76 billion yuan.

STAFF REPORTER