Powerlong Real Estate Holdings Limited (SEHK:1238) commences share repurchases on August 19, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 11, 2021. As per the mandate, the company is authorized to repurchase up to 414,240,300 shares, representing 10% of its issued share capital. The purpose of this repurchase program is to enhance the earnings per share of the company. The repurchases will be funded entirely from the companys available cash flow or working capital facilities which will be funds legally available for the purpose in accordance with the bye-laws and the laws of the jurisdiction in which the company is incorporated. 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 11, 2021, the company had 4,142,403,000 shares issued and outstanding.