IDreamSky Technology Holdings Limited commences an Equity Buyback Plan for 142,033,035 shares, representing 10% of its issued share capital, under the authorization approved on April 29, 2022.

iDreamSky Technology Holdings Limited (SEHK:1119) commences share repurchases on May 5, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 29, 2022. As per the mandate, the company is authorized to repurchase up to 142,033,035 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 financed out of funds legally available for the purpose and in accordance with the Articles of Association, the Listing Rules and the applicable laws and regulations 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 April 29, 2022, the company had 1,420,330,345 shares in issue.