Shanghai Bright Power Semiconductor Co., Ltd. announces an Equity Buyback for CNY 60 million worth of its shares.
February 05, 2024
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Shanghai Bright Power Semiconductor Co., Ltd. (SHSE:688368) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its A shares. The company will use up to CNY 30 million for employee stock ownership plans and equity incentives and up to CNY 30 million to safeguard the company's value and shareholders' rights. The shares will be repurchased at a price not more than CNY 130.84 per share. The purpose of the program is to safeguard the company's value and shareholders' rights and to use the repurchased shares for the employee stock ownership plans and equity incentives. If the company fails to use the shares for said purpose within 3 years of completion of program, the unused shares will be cancelled. The company will use its own fund to fund the repurchases. The authorization will be valid for a period of 3 months for the purpose of maintaining the company's value and shareholders' interests and 12 months for equity incentives.
On June 6, 2024, the company announced that it has adjusted its repurchase price from CNY 130.84 per share to CNY 93.77 per share.
Shanghai Bright Power Semiconductor Co Ltd is a China-based company mainly engaged in the design, research, development and sales of power management driver chips. The Company's main products include light-emitting diode (LED) illumination drive chips, motor drive chips, alternate current (AC) / direct current (DC) power supply chips, DC / DC power chips, etc. The LED illumination drive chips include universal LED illumination drive chips and smart LED illumination drive chips. The AC / DC power management chip includes built-in AC / DC power supply chips and external AC / DC power supply chips and motor drive chips. Its products are mainly used in LED lighting industries, household appliances, electric tools, industrial servo, mobile phone fast charge, set-top boxes, routers, video surveillance, home care tools, servers, communication base stations and other fields. The Company mainly conducts its businesses in domestic and overseas markets.