Tongjitang Chinese Medicines Company announced its shareholders approved a $20 million share buyback program at the company’s general meeting. The resolution calls for the company to complete a purchase of “up to” $20 million worth of its ADSs within the next 18 months. Tongjitang’s share price responded positively to the announcement, climbing 33 cents (13%) to $2.81. At a price of $3 per ADS, a $20 million buyback could retire 6.7 million ADSs. The company’s IPO, conducted early in 2007, floated only 10 million ADSs. More details...

Stock Symbol: (NYSE: TCM)