Suzhou TFC Optical Communication's (SHE:300394) board approved a proposal to repurchase between 100 million yuan and 150 million yuan worth of its shares, according to a Friday filing with the Shenzhen bourse.
The fiber optic component manufacturer plans to buy back between 285,714 and 428,571 shares at a maximum price of 350 yuan per share through centralized bidding.
The shares, which represent about 0.026% to 0.039% of the company's total equity, will be canceled to reduce its registered capital.
The buyback plan remains subject to shareholder approval.
Shares of the company fell almost 6% in early-morning trade on Monday.
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