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BUZZ-Ascletis Pharma jumps most in 7 weeks on share buyback plan

Reuters
Oct 02
BUZZ-<a href="https://laohu8.com/S/ASCLF">Ascletis Pharma</a> jumps most in 7 weeks on share buyback plan

** Shares of Ascletis Pharma Inc 1672.HK jump 12.8% to HK$11.25, on course for the biggest one-day pct rise since August 15

** Stock hit its highest level since September 26 and is on track for a second session of gain

** The pharmaceutical products developer and producer said it planned to repurchase shares for up to HK$300 million ($38.56 million) on the open market, in a deal to be funded by internal financial resources

** Says, current trading price of the shares does not reflect their intrinsic value and the repurchase could enhance share value while reflecting the company's confidence in its business prospects and growth potential

** YTD, stock up 262.5%, Hang Seng Biotech Index .HSBIO up 108.9%

($1 = 7.7804 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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