Giantec Semiconductor Corporation commences an Equity Buyback Plan for CNY 100 million worth of its shares, under the authorization approved on February 20, 2024.

Giantec Semiconductor Corporation (SHSE:688123) commences a share repurchases on February 29, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on February 20, 2024. As per the mandate, the company is authorized to repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at a price not more than CNY 150 per share.

The shares repurchased by the company will be used to reduce the registered capital. The repurchased shares will be cancelled. The company's source of funds for repurchasing shares is the excess funds obtained from the initial public offering of ordinary shares.

The program will be valid for a period of 6 months.