Ganfeng Lithium's (SHE:002460, HKG:1772) chairman, Li Liangbin, proposed a share buyback of 200 million to 400 million yuan to protect shareholders' interests and the company's value, according to a Shenzhen bourse filing over the weekend.
The Chinese lithium company's Shenzhen and Hong Kong shares both fell 2% during Monday's morning trade.
The share buyback will be implemented 12 months after the board of directors' approval.
Repurchased shares will be sold through centralized bidding 12 months after the results of the share buyback are announced, and the sale must be completed within three years.
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