Guangdong Xinbao Electrical Appliances Holdings Co., Ltd commences an Equity Buyback for CNY 80 million worth of its shares, under the authorization approved on November 15, 2023.

Guangdong Xinbao Electrical Appliances Holdings Co., Ltd (SZSE:002705) commences share repurchases on November 17, 2023, under the program mandated by shareholders in the Extraordinary General Meeting held on November 15, 2023. As per the mandate, the company will repurchase up to CNY 80 million worth of its shares. The shares will be repurchased at CNY 22 per share.

The purpose of the program is to reduce the share capital of the company. The company will use its own funds for share repurchases. The program will be valid for 12 months from the date of approval of shareholders.