Beijing Hotgen Biotech (SHA:688068) plans to repurchase shares worth between 58 million yuan and 100 million yuan, according to a Shanghai Stock Exchange filing on Friday.
Each share will be priced up to 45 yuan.
The Chinese in vitro diagnostic device manufacturer will buy back the shares within three months after the board of directors approves the plan.
The filing said that the repurchased shares would be used for employee stock ownership plans, equity incentives, or convertible bonds.
The company's shares jumped more than 6% at the close.
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