Launch Tech Company Limited commences an Equity Buyback Plan for 17,865,660 shares, representing 10% of its issued share capital, under the authorization approved on June 28, 2023.

Launch Tech Company Limited (SEHK:2488) commences share repurchases on November 30, 2018, under the program mandated by the shareholders in the Annual General Meeting held on June 28, 2023. As per the mandate, the company is authorized to repurchase up to 17,865,660 class H shares, representing 10% of its class H 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 company?s surplus funds, undistributed profits of the company, the proceeds of a fresh issue of shares and the funds which will be legally available for such purpose in accordance with its articles, listing rules and applicable laws. The authority shall expire at the earliest of the next Annual General Meeting, 12 months after passing of the resolution, 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 28, 2023, the company had 178,656,600 H Shares and 253,560,000 domestic shares in issue.