News summary
Hong Kong Technology Exploration shares rise 8.8blockchaingamemobile.43%, quoted at HK$1.93, with a turnover of HK$8.1266 million. The company proposed HK$2.15/shareblockchaingamemobileThe repurchase offer is at a premium of 20.8%, which is designed to reflect intrinsic value and does not increase the offer price.
Newsletter text
[Hong Kong Technology Exploration's share price surged 8.43% in early trading, with a turnover of 8.1266 million] In early trading, the share price of Hong Kong Technology Exploration (01137) rose strongly, with an increase of 8.43%, closing at 1.93 Hong Kong dollars, with a total turnover of 8.1266 million Hong Kong dollars. [The company proposes a share repurchase plan at a premium, with an offer price 20.8% higher than the market price] Hong Kong Technology Exploration announced a conditional cash offer to repurchase and cancel up to 100 million shares at a price of HK$2.15 per share. This amount accounts for 11.25% of the company's issued shares. If the offer is fully accepted, HK$215 million in cash will be paid to the accepting shareholders, and the funds will be provided by the company's internal resources. The offer price is a premium of approximately 20.8% to the closing price of HK$1.78 on May 21, and the company stated that it will not increase the offer price. [Management shows confidence in the company's prospects, aiming to improve shareholder returns and optimize the capital structure] Hong Kong Technology Exploration believes that the current share price does not truly reflect the company's intrinsic value and future business development potential. By making an offer, the company has demonstrated confidence in potential growth and long-term business prospects. The implementation of the offer aims to actively improve the company's capital structure and is expected to increase earnings per share, net asset value per share and overall shareholder return. The Group's investment and development strategy will help achieve long-term growth and sustainable development, which requires sustained investment over a period of time.
