Shares of WuXi AppTec Co Ltd (stock code: 02359) surged 25.90% on Thursday, September 27th, after the company announced a share repurchase program worth RMB 1 billion (approximately $140 million).
According to the announcement, the company's board approved the share buyback resolution on September 10th, allowing WuXi AppTec to repurchase its shares at a maximum price of RMB 61.02 per share.
Share repurchase programs are often viewed as a positive signal by investors, as they indicate the company's confidence in its future prospects and its willingness to return capital to shareholders. The buyback could also help boost WuXi AppTec's stock price by reducing the number of outstanding shares and increasing earnings per share.
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