Shares of SANY HEAVY IND (ASX: 06031) rose more than 3% in trading. At the time of writing, the stock was up 3.26% to HK$20.88, with a turnover of HK$54.514 million.

The upward movement follows a recent company announcement. On July 20, the company stated that its Chairman, Xiang Wenbo, has proposed a share buyback of the company's A-shares using its own or raised funds. The proposal is based on confidence in the company's sustained and stable future development and recognition of its value, taking into account its operational and financial status. The aim is to better align the company's share price with its intrinsic value.

The proposed buyback program involves a total amount of no less than RMB 400 million and no more than RMB 800 million. The repurchased shares are intended to be used for an A-share employee stock ownership plan.