SHA:688114

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

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.

MGI Tech Controlling Shareholder Proposes Share Buyback

MGI Tech (SHA:688114) controlling shareholder Huada Technology proposed a share repurchase plan of between 250 million yuan and 500 million yuan via centralized bidding.The shares will be bought back within 12 months from board approval, according to a Friday filing with the Shanghai bourse.Shares of the genome sequencing machine manufacturer closed 4% higher Friday.

Nomura Adjusts MGI Tech's Price Target to 52.46 Yuan from 84.98 Yuan, Keeps at Neutral