Powerlong Commercial Management Holdings Limited (SEHK:9909) commences share repurchases on January 30, 2020, pursuant to a written resolution passed on December 10, 2019. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The repurchases will be made out of the profits of the company, the share premium amount of our company or the proceeds of a fresh issue of shares made for the purpose of the repurchase. The shares repurchased will be treated as cancelled. The repurchases will lead to an enhancement of the net assets and/or its earnings per share. 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 carried out to the full extent, unless varied or revoked in a General Meeting.