Yongxing Special Materials Technology Co.,Ltd commences an Equity Buyback Plan for CNY 500 million worth of its shares, under the authorization approved on September 15, 2023.
October 09, 2023 at 12:00 pm EDT
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Yongxing Special Materials Technology Co.,Ltd (SZSE:002756) commences share repurchases on October 9, 2023, under the program mandated by the Extraordinary Shareholders' Meeting held on September 15, 2023. As per the mandate, the company is authorized to repurchase up to CNY 500 million worth of shares. The shares will be repurchased at a price of not more than CNY 80 per share. The repurchases will be funded from the company's own funds.
Effective September 27, 2023, the repurchase price per share has been adjusted to CNY 79 per share.
Yongxing Special Materials Technology Co., Ltd., formerly Yongxing Special Stainless Steel Co., Ltd. is principally engaged in the research, development, production and sales of special metal material rod and wire for stainless steel and special alloy materials. The Company's main products include stainless steel pipe billets, duplex austenitic-ferritic stainless seamless pipe billets, heat-resistant stainless seamless steel pipe billets for boiler, stainless steel wires for steel wire, stainless steel wires for cold heading and common austenitic stainless steel wires for welding, nickel based corrosion resistant alloy, among others. The Company also produces cathode material and electrolyte material for lithium ion battery. The Companyâs stainless steel bar and wire products are mainly used in thermal power, oil exploitation and refining, transportation, machinery and equipment, aerospace, shipbuilding, defense and military fields.
Yongxing Special Materials Technology Co.,Ltd commences an Equity Buyback Plan for CNY 500 million worth of its shares, under the authorization approved on September 15, 2023.
YONGXING SPECIAL MATERIALS TECHNOLOGY CO.,LTD 
