The board of Zhaowei Machinery & Electronics Co., Ltd. (SEHK: 02692) has passed a resolution to approve the repurchase of the company's H-shares on the open market of The Stock Exchange of Hong Kong Limited.
This approval falls under the general mandate granted by shareholders at the annual general meeting held on May 22, 2026, and will be executed based on market conditions and the company's specific circumstances.
Under this buyback authorization, the maximum number of H-shares the company may repurchase is 10% of the total issued and fully paid H-shares as of the date the authorization was approved, excluding any shares already repurchased but not yet cancelled or any treasury shares.
The company intends to fund the H-share repurchases using its internal resources and/or self-arranged financing.
Any repurchases will be conducted strictly in accordance with the company's articles of association, listing rules, and all applicable laws and regulations, utilizing funds legally permissible for such purposes.
The total amount of funds proposed for this repurchase program shall not exceed HK$120 million.
After a comprehensive review of the group's current operational status, financial condition, capital arrangements, and future development prospects, the board believes the current share trading price does not fully reflect the company's intrinsic value and business outlook.
The board is confident that the H-share buyback will demonstrate its confidence in the group's long-term business prospects and intrinsic value, protect the company's value and the rights of all shareholders, and serve the overall best interests of the company and its shareholders.
The board also believes the company's current financial resources are sufficient to implement the H-share repurchase while maintaining a sound financial position.
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