Sinotrans Limited (00598) surged over 6% in the afternoon, as of the time of publication, up 4.79% to HK$4.16, with a turnover of 0.102 billion Hong Kong dollars.
According to the China Communications Finance APP, Sinotrans Limited (00598) surged over 6% in the afternoon, up 4.79% to HK$4.16 as of the time of publication, with a turnover of 0.102 billion Hong Kong dollars.
On the news front, director Wang Xiufeng of Sinotrans Limited proposed that the company repurchase shares for cancellation and reduce the company's registered capital by 0.271 billion-0.542 billion yuan. In addition, the company's controlling shareholder, Sinotrans Changhang Group Co., Ltd., plans to increase its A-share holdings by 0.25 billion-0.5 billion yuan.
The company stated that the shareholding plan is aimed at demonstrating firm confidence in the company's future prospects and recognizing its medium- to long-term value. Sinotrans Changhang intends to increase its shareholding in the company to effectively safeguard the interests of a wide range of investors, enhance investor confidence, and promote the company's continuous, steady, and healthy development.