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Update: RemeGen Proposes Share Buyback of Up to 50 Million Yuan

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RemeGen (HKG:9995, SHA:688331) proposed to repurchase shares worth between 25 million yuan and 50 million yuan, according to a Monday disclosure on the Shanghai bourse.

The company will repurchase between 167,800 and 335,600 shares at a maximum price of 149 yuan per share through centralized bidding within 12 months after approval by the board of directors.

The repurchased shares will be used for the company's employee stock ownership plan or equity incentive plan.

Hong Kong-listed shares of the pharmaceutical company were up 8% in Monday afternoon trading, while its Shanghai shares were up 6%.

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