(Yicai Global) June 11 -- Shares in China Literature [HK:0772] went into the lunch break 8 percent higher after the Tencent-backed e-book platform confirmed plans to carry out a HKD500 million (USD63.8 million) share buy-back plan.

China Literature plans to spend up to HKD500 million to buy back up to 102 million shares (accounting for 10 percent of total shares) within six months. 

The board believes that the value of the shares traded on the market is undervalued and the company's current financial resources would enable it to conduct the plan, according to the statement.

Editor: William Clegg