Chaoda Modern Agriculture (Holdings) yesterday announced it had repurchased 4.03 million shares, four days after management indicated it had no plans for a buy-back. In a notice to the stock exchange, Chaoda said it had bought 4.03 million shares for between HK$1.17 and HK$1.21 each. This means the company spent at least HK$4.71 million on the buy-back. Yesterday, Chaoda shares rose 0.83 per cent to HK$1.21 on turnover of HK$39.35 million. Last Thursday, Chaoda chairman Kwok Ho said: 'It is inappropriate for us to repurchase our shares when they are being hit by negative news. The board has discussed a share buy-back, but decided not to go for it.' Mr Kwok was speaking at a press briefing to reject claims that Chaoda had overstated revenue, and deny that it had similar problems to those of scandal-hit Euro-Asia Agricultural (Holdings). Internal accounting errors, coupled with two magazines' reports that the privately owned vegetable grower had inflated sales by as much as 16 times, triggered a wave of panic selling last week. The counter plunged more than 51 per cent in two days after resuming trading last Wednesday. The shares rebounded on Friday after the chairman said Chaoda's financial position remained strong and threatened to launch libel action against the two magazines. Chaoda admitted it failed to report financial results for 35 of its 36 mainland production bases as a result of internal errors.