Springland International Holdings Limited (SEHK:1700) commences share repurchases on May 16, 2016, under the program mandated by the shareholders in the Annual General Meeting held on May 16, 2016. As per the mandate, the company is authorized to repurchase up to 242,105,000 shares, representing 10% of its issued share capital. Any repurchase will be made out of funds which are legally available for the purpose in accordance with the memorandum of association and bye-laws of the company and the Companies Act. The repurchases will lead to an enhancement of the net assets and/or its earnings per share and/or dividend per share. The repurchases will be in accordance with laws and requirements and regulations of the Stock Exchange of Hong Kong Limited or on any other Stock Exchange on which the shares of the company may be listed and recognized by the Securities and Futures Commission and the Stock Exchange of Hong Kong Limited for this purpose, subject to and in accordance with all applicable laws and requirements of the Securities and Futures Commission, the Stock Exchange of Hong Kong Limited or any other Stock Exchange as amended from time to time. The repurchases will be subject to market conditions and funding arrangements at that time. The Directors consider the share repurchase program to be in the best interests of the company and its shareholders. The Directors consider that there might be an adverse impact on the working capital or the gearing position of the company if the authorization is exercised in full. None of the Directors or their respective associates has any present intention to sell shares to the company under the program. The program shall be valid until the earliest of the conclusion of the next Annual General Meeting, or the expiration of the period within which the next Annual General Meeting of the company is required by the bye-laws of company to be held or the passing of an ordinary resolution by the shareholders of the company in General Meeting revoking or varying the authority given to the Directors of the company by the resolution. As of May 16, 2016, the company has 2,421,050,000 shares in issue.