Cambricon Technologies (SHA:688256) plans to repurchase shares worth between 20 million yuan and 40 million yuan through centralized bidding, according to the company's filing on the Shanghai Stock Exchange.
The Chinese system software developer will buy back the shares 12 months after the proposal is approved by the board of directors. Each share will be priced up to 297.77 yuan.
The repurchased shares will be used for employee stock ownership plans or equity incentives, the Saturday filing noted.
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