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FINWIRES

MGI to Buy Back Up to 500 Million Yuan Worth of Shares; Shares Jump 13%

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MGI Tech (SHA:688114) proposed to repurchase shares amounting to between 250 million yuan and 500 million yuan, according to a Shanghai bourse filing on Friday.

The shares will be bought back through centralized bidding within 12 months after the board of directors' approval.

The repurchased shares will be used for employee stock ownership plans or equity incentive programs.

The company plans to apply for a loan worth 450 million yuan from China Merchants Bank (SHA:600036, HKG:3968) for the share buyback.

The genome sequencing machine manufacturer's shares jumped 13% during the afternoon trade.

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