HK Stock Market Move | Dajin Heavy Industry (01081) rose nearly 13% intraday, planning to repurchase no more than 10% of its total issued H shares.

Dajin Heavy Industry (01081) rose nearly 13% intraday. As of press time, it was up 6.41% at HK$23.24, with a turnover of HK$158 million. On the news front, Dajin Heavy Industry announced that its board of directors has approved a plan to repurchase H shares, proposing to repurchase no more than 10% of the total issued H shares on the date the authorization proposal was approved by the shareholders' meeting. The repurchased shares will be cancelled and/or held as treasury shares. It is worth noting that, affected by shipment pace and foreign exchange, the company's single-quarter performance came under pressure. Excluding the impact of exchange rates, the company achieved a net profit of approximately RMB860 million in the first three quarters, up approximately 6% year on year. BOC International released a research report stating that, as a leading global manufacturer of wind power towers, the company is accelerating its transformation from a single equipment manufacturer to an integrated delivery provider of "manufacturing + transportation + home port + installation," and is expected to fully benefit from the development of global offshore wind power. The company's Buy rating is maintained.