Beijing Xunzhong Communication Technology Co., Ltd. (Xunzhong) released a supplemental circular on 7 May 2026 outlining three key changes ahead of its postponed annual general meeting (AGM).
1. Proposed 10% H-share buy-back • Scope: Authority to repurchase up to 3.04 million H shares, representing 10% of the 30.44 million H shares in issue as of 6 May 2026. • Pricing: Each repurchase batch may not exceed a 5% premium to the average closing price of the five trading days preceding the transaction date. • Funding & duration: Purchases will be funded with legally available cash and remain valid until the earlier of the next AGM or any shareholder revocation. Cancelled shares may be converted to treasury shares or annulled entirely. • Rationale: Management cites flexibility to stabilize share price, enhance shareholder value and support long-term development.
2. Extension of general Issue Mandate Subject to approval of the repurchase mandate, the Board seeks to extend its existing mandate to issue new shares by adding the number of shares bought back, capped at an additional 10% of issued H shares.
3. AGM postponement and revised timetable • New date & venue: 22 May 2026, 11:00 a.m., Conference Room, 11/F, Block B Future Land Center, Beijing. • Record date: 13 May 2026; share transfer registration closes from 13 May to 22 May 2026 (both days inclusive). • Proxy arrangements: A revised proxy form must reach Tricor Investor Services (H-shareholders) or the company’s Board Secretary office (domestic shareholders) by 11:00 a.m. on 21 May 2026.
Additional information • Current share capital: 121.75 million shares (91.31 million domestic; 30.44 million H). • No H-share repurchases have occurred in the past six months. • The company states that exercising the full mandate will not materially impact its working capital or gearing position.
Shareholders are urged to review the supplemental circular and revised proxy form ahead of the rescheduled AGM.
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