China Conch Venture Holdings Limited (SEHK:586) commences share repurchases on April 1, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 25, 2021. As per the mandate, the company is authorized to repurchase up to 180,475,000 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of June 25, 2021, the company had 1,804,750,000 shares in issue.

On March 28, 2022, the company announced a share repurchase program. Under the program, the company will repurchase HKD 500 million worth of its shares. The repurchase price shall be no more than 5% higher than the average closing market price for the shares over the 5 trading days immediately preceding each repurchase. The company will finance the share repurchase plan from its existing available cash reserves and free cash flow. Any shares repurchased under the plan will be cancelled in due course. The plan will expire on the date falling 3 months thereafter or such earlier date of the conclusion of the next annual general meeting of the company, when the Repurchase Mandate shall expire.