The Zhitong Finance App learned that Conch Environmental Protection (00587) opened high at the beginning of the session and rose 7.4% at one point. Less than two months after listing, the company announced that it plans to use up to HK$300 million to repurchase, and emphasized that the stock price did not reflect its intrinsic value and business prospects. As of press release, Conch Environmental Protection rose 6.67% to HK$576, with a turnover of HK$12 million.

On the evening of May 25, Hailuo Environmental Protection (00587) stated that the company plans to buy back shares of several companies on the open market, and that the repurchase plan plans to use up to HK$300 million. The board of directors of Conch Environmental Protection believes that the current transaction price of the shares does not reflect its intrinsic value and business prospects. The buyback plan reflects the confidence of the board and management team in the company's long-term strategy and growth. Furthermore, the company believes that implementing a share repurchase plan will optimize the company's capital structure and increase earnings per share and overall shareholder returns.

Conch Environmental Protection was spun off from Conch Venture (00586) and listed on the main board on March 30 this year. The company is mainly engaged in the main industrial solid waste disposal business. By the end of 2020, the company was the largest supplier of solid waste treatment and hazardous waste services using cement kiln technology in China.