Shares of CIMC ENRIC Holding Limited (HKEX: 03899) rose more than 5%.

At the time of writing, the stock was up 4.49% to HK$9.07, with a turnover of HK$21.62 million.

The upward movement follows the company's announcement of a share repurchase plan.

On May 29, 2024, the board of directors, expressing strong confidence in the company's future prospects and a high recognition of its intrinsic value, decided to exercise its buyback authority.

The plan involves repurchasing up to 1.5% of the company's total issued shares, excluding treasury shares, as of the announcement date.

This equates to no more than approximately 31.70 million shares, with a total repurchase amount not exceeding HK$200 million.

The initiative aims to effectively safeguard the interests of all shareholders, continuously strengthen market confidence in the company, and enhance its investment value.