Haier Biomedical Plans Up to 200 Million Yuan Share Buyback

Qingdao Haier Biomedical proposes repurchasing company shares worth 100 million yuan and 200 million yuan via centralized bidding transactions.

The shares will be repurchased within 12 months from board approval, according to a Tuesday filing with the Shanghai Stock Exchange.

Shares of the biomedical cold chain storage manufacturer closed 11% lower on Tuesday.

Chinese shares rebounded on Tuesday as the country's central bank moved to shore up the weakening yuan.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.7% to 3,229.64. The Shenzhen Component Index climbed 1.1% to 9,998.76.

Sentiment in the local equities market improved amid efforts to stabilize the yuan, with the People's Bank of China poised to issue its largest-ever offshore yuan bills in Hong Kong this month.

In company news, Qingdao Haier Biomedical terminated its plan to absorb and merge with subsidiary Shanghai RAAS Blood Products due to the complexity of the transaction's structure. Shares of the biomedical cold chain storage manufacturer closed 11% lower on the Shanghai bourse, while shares of Shanghai RAAS fell 5% on the Shenzhen bourse.

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China were mixed on Tuesday.

Hong Kong's Hang Seng Index fell 1.5% to 19383.53, and China's Shanghai Composite Index rose 0.7% to 3229.64. The Taiwan Taiex index rose 0.4% to 23651.27.

Among Hang Seng constituents, Semiconductor Manufacturing International Corp. was the biggest gainer during the session, gaining 4.7%, and Xinyi Solar Holdings Ltd. gained 3.8%. Li Ning Co. Ltd. rounded out the top three movers on Tuesday, as shares gained 2.9%.

Tencent Holdings Ltd. posted the largest decline among companies on the Hang Seng, dropping 7.5%, followed by shares of Xiaomi Corp., which dropped 7.2%. Shares of Wuxi Biologics (Cayman) Inc. fell 3.1%.

Among large mainland China stocks, Henan ShiJia Photons Technology Co. Ltd. A was the biggest gainer during the session, surging 17%, and Joulwatt Technology Co. Ltd. A surged 16%. Suzhou Recodeal Interconnect System Co. Ltd. A rounded out the top three movers on Tuesday, as shares surged 15%.

Qingdao Haier Biomedical Co. Ltd. A posted the largest decline, dropping 11%, followed by shares of Shanghai Jiaoda Onlly Co. Ltd. A, which dropped 10%. Shares of Shanghai Yimin Commercial Group Co. Ltd. dropped 10%.

In Taiwan, Ventec International Group Co. Ltd. was the biggest gainer among large companies during the session, surging 10%, and General Interface Solution (GIS) Holding Ltd. surged 10% EverFocus Electronics Corp. rounded out the top three movers, as shares surged 9.9%.

Loop Telecommunication International Inc. posted the largest decline, dropping 10%, followed by shares of Cub Elecparts Inc., which dropped 8.4%. Shares of TBI Motion Technology Co. Ltd. dropped 6.7%.

On the currency front, the onshore yuan weakened 0.1% against the U.S. dollar to CNY7.33 while the New Taiwan dollar strengthened 0.2% against the U.S. dollar at NT$32.72.

Data source: Dow Jones Market Data, FactSet

Qingdao Haier Biomedical terminated its plan to absorb and merge with subsidiary Shanghai RAAS Blood Products .

The company cited the complexity of the transaction's structure for the termination, according to a Tuesday filing with the Shanghai bourse.

Shares of the biomedical cold chain storage manufacturer were down 11% in recent trade, while shares of Shanghai RAAS fell almost 6%.