On the evening of June 26, XUNCE (03317) announced that its 2025 Annual General Meeting was held that same day, during which all 12 ordinary and special resolutions were considered and passed. Among these, the resolution to grant the board a general buyback mandate has drawn market attention.
Under this authorization, the board is permitted to repurchase, at an appropriate time, shares not exceeding 10% of the total number of issued H shares on the date the resolution was passed. Based on the total of 267,175,506 issued H shares as of the latest practicable date, this mandate allows for the repurchase of up to approximately 26.718 million H shares.
The authorization period commences from the date of approval at this Annual General Meeting and lasts until the conclusion of the next Annual General Meeting or the expiry of 12 months from the date of this meeting's approval, whichever is earlier. Funds required for the buyback will be sourced entirely from the company's internal resources, including surplus funds and retained profits, with no need for additional financing arrangements.
The board stated that the buyback authorization aligns with the interests of the company and all shareholders, and is intended to help enhance net asset value per share and/or earnings per share. It will be executed strictly in accordance with relevant provisions of the Company Law, Securities Law, and the listing rules of the Stock Exchange, and will only be implemented when the board deems such repurchases to be beneficial to the company and its shareholders.
In addition to the buyback and issuance authorizations, the meeting also approved the 2025 financial statements, the board of directors' report, and the annual report. It ratified the reappointment of auditors for the 2026 fiscal year and passed corporate governance optimization proposals, including the dissolution of the supervisory board and amendments to the company's articles of association. The adoption of a share award plan was also approved, as part of ongoing efforts to refine the modern corporate governance structure.
XUNCE has not conducted any share repurchases since its listing. The approval of this buyback mandate marks a significant step for the company in upholding shareholder value and also reflects management's firm confidence in the company's long-term development prospects.
Comments