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Article: China : China B-shares close higher on Livzon Pharma share buyback.
- Article from:
- TendersInfo
- Article date:
- June 7, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sandesh03
China B-shares closed broadly higher after Livzon Pharmaceutical Group's share buyback announcement, dealers said. The news fueled expectations that more companies will go the buyback route, helping B-share prices catch up with those of their A-share counterparts.
Livzon Pharmaceutical (SZB 200513; SZA 000513) rose by the 10 pct daily limit to 12.99 hkd after it said it would buy back up to 160 mln hkd B-shares, or 8.18 pct of its B-shares outstanding, at a maximum 16 hkd per share.
The Shanghai B-share Index was up 4.72 points or 1.94 pct at 247.20 and the Shenzhen B-share Index rose 11.07 points or 2.04 pct to 554.92.