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Hengdeli Holdings Ltd. (3389), the retail partner of Swatch Group AG (UHR) in China, climbed in Hong Kong trading after buying back stock and saying it is confident in its business prospects.
Hengdeli climbed 2.4 percent to HK$2.14 at the close of trading in Hong Kong. The city’s Hang Seng Index rose 0.85 percent.
The company bought 4.1 million shares for HK$8.7 million ($1.1 million) over two days because it has “full confidence” in its future, Hengdeli said in a press release. The watch retailer’s stock has lost 16 percent this year, compared with the Hang Seng’s 1.3 percent gain, amid concerns about a slowdown in China’s economy.
“It shows that the management still has confidence in the share price performance and the operations of the whole company,” said Claudia Ching, a Hong Kong-based analyst with CCB International Securities.
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