GigaDevice Semiconductor Inc. announced an A-share buyback plan on Friday. The company has not yet disclosed the specific size or value of the program.
Hong Kong-listed shares (03986.HK) rose 15.97% following the announcement. The stock became one of the top trending tickers for the day.
GigaDevice ranked among the top three most traded stocks in the southbound Shanghai-Hong Kong Stock Connect. Markets generally interpret buybacks as a sign of management confidence in future performance and valuation.