(Reuters) -Hong Kong-listed CSPC Pharmaceutical said on Thursday it would buy back shares worth up to HK$5 billion ($640 million) in the next two years.
The drugmaker, which has already spent about HK$773 million under its ongoing HK$1 billion buyback programme, will use available cash reserves to fund the initiative.
“The board has full confidence in the group’s business development and outlook, and considers that the current share price of the Company is below its actual value,” the company said.
For the six months ended June 30, CSPC Pharmaceuticals had reported a nearly 50% drop in its net profit attributable to 137 million yuan ($19.39 million).
($1 = 7.7931 Hong Kong dollars)
($1 = 7.0639 Chinese yuan renminbi)
(Reporting by Sneha Kumar; Editing by Anil D’Silva)
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