Kindstar Global Technology, Inc. commences an Equity Buyback Plan for 26,274,584 shares, representing 10% of its issued share capital, under the authorization approved on June 22, 2021.
November 10, 2021 at 07:56 am EST
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Kindstar Global (Beijing) Technology, Inc. (SEHK:9960) commences share repurchases on November 10, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 22, 2021. As per the mandate, the company is authorized to repurchase up to 521,856,297 shares, representing 10% of its issued share capital in issue immediately following the completion of the Global Offering (excluding any Shares which may be issued under the Over-allotment Option, any additional Shares to be issued pursuant to the Pre-IPO Stock Incentive Plans or any Shares to be issued pursuant to the Post-IPO Share Schemes). 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 repurchased shares will be cancelled. 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 30, 2021, the company had 36,340,842 shares in issue and on July 14, 2021, after completion of the IPO, the company had 226,405,000 Shares newly issued thereby making the total issued shares to 262,745,842 shares.
Kindstar Globalgene Technology Inc is a China-based investment holding company principally engaged in the provision of clinical testing services. The Company operates nine segments. Hematology Testing segment includes testing services related to blood diseases. Genetic Diseases and Rare Diseases segment includes testing services from the rare disease. Infectious Diseases segment includes testing services from the infection department. Oncology segment includes testing related to oncology diseases. Neurology segment includes testing services related to neurological diseases undertaken by the Group. Maternity-related Diseases segment includes testing services related to maternity. COVID-19 Related Testing segment includes testing services related to COVID-19. Routine Testing segment conducts routine tests for the doctorsâ daily diagnoses. The Others segment includes testing services for research and development (R&D) projects and others and miscellaneous services.
Kindstar Global Technology, Inc. commences an Equity Buyback Plan for 26,274,584 shares, representing 10% of its issued share capital, under the authorization approved on June 22, 2021.