HK Stock Market Move | QINGSONG HEALTH (02661) opens nearly 15% higher, proposes to repurchase up to HK$1 billion of company shares, controlling shareholder extends lock-up commitment.

QINGSONG HEALTH (02661) opened nearly 15% higher, rising 14.99% to 17.11 Hong Kong dollars as of the time of writing, with a trading volume of 9.1778 million Hong Kong dollars. In terms of news, QINGSONG HEALTH announced that on June 22, the board of directors has decided to exercise the share repurchase authorization. As a result, the company may repurchase up to 100 million Hong Kong dollars worth of shares in the open market from the announcement date until the end of the upcoming annual general meeting of shareholders. The company is expected to use surplus cash from its balance sheet to fund the repurchase under the share repurchase authorization. On the same day, QINGSONG HEALTH also disclosed that the board of directors received notification from the ultimate controlling shareholder, founder, chairman, executive director, and CEO Ms. Yang Yin, who expressed confidence in the company's future development. In addition to complying with the provisions of Rule 10.07 of the listing rules, she voluntarily committed to extending the original lock-up period until January 1, 2027.