governance structure and build innovative long-term incentive and binding mechanism of management stock-holding in order to ensure the achievement of our long-term business target and advancement of conformity of interests and sharing of benefits for the shareholders in general and enhancement of the overall values of the Company. 3. The maximum amount of capital intended to be used for this repurchase shall not exceed RMB4.0 billion, the source of capital is financed by the Company's own funds. This repurchase will not have any significant impact the operation, financial and future development of the Company and will not affect the listing status of the Company.
In summary, the independent directors of the Company are of the view that this repurchase of public shares is legal and in compliance with the relevant regulations and not only is it necessary, but also feasible and is in line with the interests of the Company and the shareholders as a whole, without prejudice to the interest of minority shareholders. X. SITUATIONS AND RELATED ARRANGEMENTS FOR OPENING A SPECIAL ACCOUNT FOR REPURCHASE
According to the requirements prescribed under the Detailed Rules for Implementation of Share Repurchase by Listed Companies on the Shanghai Stock Exchange, the Company will open a special securities account for repurchase with Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The special securities account for repurchase will be used only for the purpose of repurchasing shares of the Company. XI. UNCERTAINTY RISK OF REPURCHASE SCHEME 1. After being approved by the Board of the Company upon consideration, this repurchase is still subject to the risk that the repurchase scheme is unable to implement due to the share price of the Company continuously exceeding the upper price limit as disclosed under the repurchase scheme. 2. If there are major events that have significant impacts on the Company's stock trading price or the board decides to terminate the repurchase plan and other matters, the repurchase plan will not be implemented smoothly. 3. This repurchase is subject to the risk that the repurchased shares may be unable to be fully transferred as a result of the equity incentive scheme or employee share ownership plans failing to be adopted upon consideration at the board meeting and general meeting of the Company and other decision-making authorities and reasons for giving up the subscription of equity incentive items. Hence it is subject to the risk that the repurchased shares may be unable to be transferred into equity incentive scheme or employee share ownership plans upon the expiration of validity period for treasury stock in special accounts for repurchase. 4. This repurchase is subject to the risk that the repurchase scheme may be altered or terminated in accordance with the rules owning to material changes of the Company's production operation, financial situation, external objective circumstance and other reasons.
All investors are cordially reminded to perform rational investment and pay attention to investment risks.
The Board of Directors
Haier Smart Home Co., Ltd. -----------------------------------------------------------------------------------------------------------------------
2021-03-05 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------
Language: English
Company: Haier Smart Home Co.,Ltd.
Haier Industrial Park, Laoshan District
266101 Qingdao
China
Internet: www.haier.net
End of News DGAP News Service
=------------ 1173683 2021-03-05
(END) Dow Jones Newswires
March 05, 2021 16:19 ET (21:19 GMT)
