Changan Automobile to Buy Back Up to 2 Billion Yuan Worth of Shares

MT Newswires Live03-03

Chongqing Changan Automobile (SHE:000625, SHE:200625) plans to repurchase shares worth between 1 billion yuan and 2 billion yuan, according to a Shenzhen bourse filing on Tuesday.

The Chinese automobile company will buy back between 95.7 million shares and 191.5 million A and B shares. Each A share, or ordinary share, will be worth up to 17.16 yuan, while B shares, or domestically listed foreign shares, will be worth up to HK$6.17 apiece.

The share buyback, which will be valid within 12 months from shareholders' approval, will reduce the company's registered capital.

Changan's A and B shares rose around 2% during the midday trade.

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