Flowing Cloud Technology Ltd (SEHK:6610) commences share repurchases on November 23, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 6, 2023. As per the mandate, the company is authorized to repurchase up to 181,000,000 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 6, 2023, the company had 1,810,000,000 shares in issue.

On November 14, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 54,300,000 shares, representing 3% of its issued share capital for HKD 70 million. The company will subsequently cancel the bought shares. The program will be financed by internal cash resources.