Jiangsu HHCK Advanced Materials Co., Ltd. (SHSE:688535) announces a share repurchase program. Under the program, the company will repurchase up to CNY 50 million worth of its shares. The shares will be repurchased at CNY 121.99 per share.
The purpose of the program is to use the repurchased for implementing employee stock ownership plans or equity incentives, or for converting corporate bonds issued by listed companies that are convertible into shares. If the company fails to implement the above purposes within 36 months after the completion of this repurchase, the remaining repurchased shares that have not been transferred (not fully transferred) will be cancelled. The source of fund for repurchase is own funds and special loans for stock repurchase (including special loans for stock repurchase from Lianyungang Branch of Industrial Bank Co., Ltd.).
The program will be valid for 12 months.
