Suzhou HYC Technology Co.,Ltd. announces an Equity Buyback for CNY 60 million worth of its shares.
July 18, 2022
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Suzhou HYC Technology Co.,Ltd. (SHSE:688001) announces a share repurchase program. Under the program, the company will repurchase up its own shares for a total of CNY 60 million. The shares will be purchased at a price not exceeding CNY 42.91 per share. The repurchased shares will be used for the implementation of ESOP or equity incentive plan, otherwise will be cancelled thereby reducing the registered capital. The purpose of the program is to improve the company's long-term incentive mechanism, fully mobilize the enthusiasm of the company's employees, improve cohesion, effectively combine the interests of shareholders, the company and the personal interests of employees and to promote the company's stable, healthy and sustainable development. The program will be funded from company's own funds. The program will be valid for 12 months from the date of the Board meeting.
On June 8, 2023, the company announced that after the 2022 equity distribution, the company adjusted the maximum repurchase price from not more than CNY 42.91 per share to not more than CNY 42.61 per share.
Suzhou HYC Technology Co Ltd is a China-based provider of industrial automatic inspection equipment and complete line inspection system solutions. The Company is principally engaged in the research and development, production and sales of flat panel displays, semiconductor integrated circuits, and wearable testing equipment. The Company's main products include testing equipment, including flat panel display testing equipment, integrated circuit testing equipment and automotive electronic testing equipment, as well as inspection fixtures. The Company's main products are used in Liquid Crystal Display (LCD) and Organic Light-Emitting Diode (OLED) flat panel displays, integrated circuits and automotive electronics. The Company mainly conducts its businesses in domestic and overseas markets.