Gushengtang Holdings' (HKG:2273) board approved a plan to repurchase shares in the open market under its existing mandate, with an aggregate price cap of up to HK$300 million, according to a Friday Hong Kong bourse filing.

The repurchases, to be funded from internal resources, may be carried out until the next annual general meeting, expiry of the mandate, or earlier revocation by shareholders.

The company said any shares bought back will be canceled or held in the treasury.

Shares of the traditional Chinese medicine manufacturer were up nearly 3% in Friday afternoon trade.