Vesync Co., Ltd commences an Equity Buyback Plan for 116,288,480 shares, representing 10% of its issued share capital, under the authorization approved on May 30, 2023.
October 09, 2023 at 07:24 am EDT
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Vesync Co., Ltd (SEHK:2148) commences share repurchases on October 9, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 30, 2023. As per the mandate, the company is authorized to repurchase up to 116,288,480 shares representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value and/or earnings per share for the company.
The repurchases will be made from the funds legally available for the purpose in accordance with the Articles and the applicable laws of the Cayman Islands and the Listing Rules. 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 May 30, 2023, the company had 1,162,884,800 shares in issue.
Vesync Co., Ltd is an investment holding company. The Company is engaged in the small home appliance online market. The Company is principally engaged in research and development, manufacture and sale of smart household appliances and smart home devices. It primarily designs, develops and sells small home appliances under its three core brands, namely, Levoit for home environment appliances; Etekcity for smart home gadgets, health monitoring devices, outdoor recreation products and personal care products; and Cosori for kitchen appliances and dining ware. Its products include Etekcity Smart WiFi Fitness Scale, Cosori Smart Air Fryer, and Levoit Cordless Stick Vacuum, among others. Its VeSync App enables users to achieve centralized control of smart home devices for the home automation experience. Its products are manufactured in the Peopleâs Republic of China (the PRC) and sold to customers in the United States, Canada, the United Kingdom, France, Germany, Spain, Italy, and Japan.
Vesync Co., Ltd commences an Equity Buyback Plan for 116,288,480 shares, representing 10% of its issued share capital, under the authorization approved on May 30, 2023.
VESYNC CO., LTD 
