Tongyuan Kang Pharmaceutical-B Falls 4.5% After Chairman Plans Up To HK$2 Million Share Buy

Tongyuan Kang Pharmaceutical-B (02410) fell 4.5% to HK$3.535, extending its losing streak to three sessions and bringing the cumulative decline to 43%, according to ETNet. The stock traded about 1.14 million shares, worth HK$3.97 million, and hit an intraday low of HK$3.205 on Tuesday, a record low since listing. The company said Chairman, Executive Director and President Wu Yusheng had recently bought shares in the open market and may continue to do so depending on market conditions. He currently expects to increase his holdings by no more than HK$2 million. Wu also pledged that shares acquired through the purchases within the next month will be voluntarily locked up for six months from the date of purchase and will not be sold during that period. He said the funds came from his own resources and reflected confidence in the group's future prospects. Hong Kong stocks were lower at the time, with the Hang Seng Index down 0.2%, the Hang Seng China Enterprises Index down 0.3% and the Hang Seng Tech Index down 0.7%. Current-month Hang Seng Index Futures fell 17 points to 25,209, at a discount of 51 points. Current-month Hang Seng China Enterprises Index Futures fell 18 points to 8,351, at a discount of 20 points, while current-month Hang Seng Tech Index Futures rose 14 points to 4,428.