Kingsoft Corporation Limited (SEHK:3888) commences share repurchases on August 31, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 26, 2021. As per the mandate, the company is authorized to repurchase up to 137,272,872 shares, representing 10% of its issued share capital. The purpose for the buyback is to enhance the net asset value per share and/or earnings per share. The repurchases will be funded from the companys available cash flow or working capital facilities which will be legally available for such purpose in accordance with its memorandum of association and Articles of Association, the Companies Law of the Cayman Islands and any other applicable law. 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 May 26, 2021, the company had 1,372,728,717 shares in issue.
On August 30, 2021, the company announced a share repurchase program. Under the program, the company will repurchase up to HKD 1,000 million worth of its shares.