Meitu, Inc. (SEHK:1357) commences share repurchases on May 25, 2018, under the program mandated by the shareholders in the Annual General Meeting held on June 2, 2017. As per the mandate, the company is authorized to repurchase up to 423,619,805 shares, representing 10% of its share capital. The purpose of the program is to enhance the net asset value and/or the earnings per share. The repurchases will be made out of funds which are legally available for the purpose in accordance with its Bye-laws, the Listing Rules, the laws of 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, unless varied or revoked in a General Meeting. As of April 28, 2017, the company had 4,236,198,050 shares in issue.