Tencent-backed China Literature announces 10% share buyback plan

Written by Luna Lin Published on 

The board thinks its stock is undervalued.

China Literature, the country’s largest online publisher and a subsidiary of Tencent, announced yesterday its plan to buy back up to 10% of its shares with no more than HKD 500 million (USD 63.8 million).

The buyback plan was approved by the shareholders at the company’s annual general meeting on May 17, according to the company’s latest filing with the Stock Exchange of Hong Kong. “The Board believes that the value of the Shares traded on-market is undervalued,” the filling read.

China Literature, whose founder envisions it as a potential Chinese equivalent of Marvel, has seen its stock price drop from HKD 55 (USD 9.28) at its debut to HKD 31 (USD 3.78).

The company booked RMB 5.04 billion (US$734.1 million) in revenue in 2018, a 23% annual increase from the previous year.


You might like these

  • News

    Disney+ Hotstar pulls in 2.5 million subscribers in Indonesia, surpassing Netflix


    Tech in Asia

    22 Jan 2021    12:00 PM

KrASIA InsightsKrASIA Insights

  • Beijing-based SaaS firm Aibee digitizes “space, people, and products” for brick-and-mortar retailers.


    This firm digitizes offline shopping: Inside China’s Startups 

    By Wency Chen

    23 Jan 202101:05 AM

Most PopularMost Popular

See All