Chinese sofa manufacturer Man Wah announced it had completed a HK $33.3m share buyback, part of its plan to increase returns for stockholders.

It acquired 5 million shares for cancellation, bringing the total shares bought back in the financial year to date to 10 million. There are nearly 2bn shares in issue.

Man Wah owns the Cheers motion line and sells to retailers across the world including UK retailer Harveys.

The company shares are traded on the Hong Kong Stock Exchange. A separate corporate filing showed former Reid boss Alan Marnie — a Man Wah executive — as having sold 400k shares in the company a day earlier, reducing his shareholding in the business.