Coolpad Group Limited (OTCPK:CHWT.F) commences an Equity Buyback Plan for 720,159,948 shares, representing 10% of its issued share capital, under the authorization approved on June 29, 2021.

Coolpad Group Limited (OTCPK:CHWT.F) commences share repurchases on March 25, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 29, 2021. As per the mandate, the company is authorized to repurchase up to 720,159,948 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value and/or earnings per share for the company.

The repurchases will be funded out of legally available for such purposes in accordance with the memorandum of association and the Articles and the applicable laws of the 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 29, 2021, the company had 7,201,599,480 shares in issue.