XIAO NOODLES (02408) announced that the company intends to exercise its H share repurchase authorization under appropriate market conditions, buying back its issued H shares on the open market, with a total repurchase price not exceeding HK$100 million (the Proposed H Share Repurchase). The Proposed H Share Repurchase will be conducted in accordance with the company's current articles of association, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Codes on Takeovers and Mergers and Share Buy-backs, the Company Law of China, and all other applicable laws and regulations that the company must adhere to.
The company plans to fund the Proposed H Share Repurchase using its internal resources and will not utilize the proceeds from its initial public offering of H shares on the Main Board of The Stock Exchange of Hong Kong Limited. The Board of Directors believes that undertaking the Proposed H Share Repurchase under the current circumstances will demonstrate the company's confidence in its own business outlook and prospects, ultimately enhancing the company's value and protecting shareholders' interests. The company will only proceed with the Proposed H Share Repurchase when the Board deems it appropriate and in the overall interests of the company and its shareholders.
Furthermore, the Board believes that the company's current internal resources will enable it to implement the Proposed H Share Repurchase while maintaining the robustness of the Group's financial position. The company will subsequently cancel and/or hold the repurchased H shares as treasury shares as and when the Board deems appropriate. The Proposed H Share Repurchase will not result in the number of H shares held by the public falling below the relevant minimum percentage required by the listing rules.
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