Xinyi Glass Holdings Limited (SEHK:868) commences share repurchases on May 18, 2018 under the program mandated by the Annual General Meeting held on May 31, 2017. As per the mandate, the company is authorized to repurchase up to 390,101,370 shares, representing 10% of its issued share capital. The purpose of this repurchase program is to enhance the net asset value and/or the earnings per share of the company. The 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 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 this resolution. As of April 27, 2017, the company had 3,901,013,699 shares in issue.