Baoye Group Company Limited (SEHK:2355) commences share repurchases on April 11, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 16, 2023. As per the mandate, the company is authorized to repurchase up to 52,075,605 shares, representing 3.26% of its issued share capital and 10% of its issued H share capital. The purpose of repurchase program is to enhancement of the net assets and earning per share.

The repurchases will be made out of the funds from the company?s internal resources legally available for such purpose in accordance with the articles of association, the listing rules and the applicable laws, rules and regulations of the PRC. The program is subject to the approval of the State Administration of Foreign Exchange of the People's Republic of China. The plan will be valid up to the conclusion of the next annual general meeting following the passing of this special resolution and/or the expiration of a period of twelve months following the passing of this special resolution; or the date on which the authority set out in this special resolution is revoked or varied by a special resolution of the members of the company in any general meeting or by a special resolution of holders of H shares or holders of domestic shares of the company at their respective class meeting.

As of June 16, 2023, the company had 520,756,053 shares in issue, including 170,014,000 H shares.