The board of directors of China Yuchai International has formally approved a share buyback plan that authorizes the company to repurchase up to $40 million or 4 million shares of common stock within the prescribed range.
According to Futu Securities, the board of directors of China Yuchai International (CYD.US) has formally approved a share buyback plan that authorizes the company to repurchase up to $40 million or 4 million shares of common stock within the prescribed range.
The company stated that it will use its stable operational cash flow and ample cash reserves to provide sufficient funds for this share buyback plan.
In addition, the board of directors will regularly review the share buyback plan and retain the right to adjust the terms and scale of the plan to ensure consistency with the company's strategic goals and market conditions.
In response to this news, China Yuchai International's stock price has risen by more than 4% in pre-market trading on Friday, showing a positive response from the market to the company's buyback plan.