CXMT (SHA:688825) Chairman Zhu Yiming proposed that the Chinese memory chipmaker repurchase between 1 billion yuan and 2 billion yuan of its A-shares, according to a Shanghai Stock Exchange filing over the weekend.
The buyback will be executed via centralized bidding within 12 months after approval by the board.
The repurchased shares are intended to fund employee equity incentive programs, employee stock ownership plans, or to reduce the company's registered capital.
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