Shares of DEEP SOURCE (HKEX: 00990) experienced a significant intraday surge, climbing more than 11%. At the time of writing, the stock was up 11.76% to HK$0.57, with a turnover of HK$8.99 million.

The sharp increase follows a company announcement regarding a share repurchase initiative. The company stated that it had received a general mandate from shareholders on June 30, 2026, authorizing the repurchase of up to approximately 1.48 billion shares on the Stock Exchange, representing 10% of the total issued shares on that date.

The company further announced that on July 21, it had decided to utilize this buyback authority, along with any future general mandates approved by shareholders for share repurchases, to buy back shares in the open market. This proposed share repurchase reflects the company's belief that the current trading price of its shares does not accurately reflect their intrinsic value or the company's actual business prospects.

The board expressed confidence that the buyback program demonstrates the company's strong belief in its future business development and growth potential.