Technovator International Limited (SEHK:1206) commences share repurchases on December 22, 2016 under the program mandated by the shareholders in the Annual General Meeting held on May 13, 2016. As per the mandate, the company is authorized to repurchase up to 79,712,218 shares representing 10% of the issued share capital of the company. The company will make repurchases on 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 of Hong Kong and the Stock Exchange for this purpose, and subject to and in accordance with all applicable laws, rules and regulations. The maximum price which the company will pay for its shares, in case off market repurchases, will be 105% of the average closing price over the five preceding trading days on which its shares were traded on the Stock Exchange. The shares repurchased by the company are deemed cancelled immediately on purchase or acquisition. Any repurchase will be made out of funds which are legally available for the purpose in accordance with the Memorandum and Articles of Association of the company and the applicable laws. Under the Companies Act, purchases or acquisitions of shares by the company may be made out of the internal sources of funds, external borrowings, or a combination of internal resources and external borrowings. Unless revoked or varied by the company in Annual General Meeting, the share purchase mandate shall continue in force until the conclusion of the company’s Annual General Meeting or the date by which the next Annual General Meeting of the company is required by law to be held, whichever is earlier. As of May 13, 2016, company had 797,122,189 shares in issue.