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China's Tian Ge seeks to resume trading on Monday, plans $77 mln buyback
August 27, 2017 / 12:14 PM / a month ago

China's Tian Ge seeks to resume trading on Monday, plans $77 mln buyback

HONG KONG, Aug 27 (Reuters) - Chinese mobile and online game operator Tian Ge Interactive Holdings said it had applied to resume trading on Monday after a two-week halt, which was triggered by a research report that caused a sharp fall in its shares.

The company also said its board had approved on Friday a programme to repurchase up to HK$600 million ($77 million) of shares from the open market, or 7.97 percent of the existing issued share capital based on the Aug. 17 closing price.

Tian Ge’s shares have been suspended from trading since Aug. 17, a day after research firm Emerson Analytics issued a report saying the company had exaggerated its user base and inflated its revenue.

In a filing on Sunday, Tian Ge said Emerson’s allegations were “absurd, false, groundless, misleading”, and that its business operations had not been affected since the release of the report.

Shares of the Hangzhou-based Tian Ge, with a market value of HK$7.4 billion, had fallen as much as 9.2 percent to HK$5.60, the lowest since July 5, prior to the suspension.

$1 = 7.8187 Hong Kong dollars Reporting by Clare Jim; Editing by Mark Potter

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