Zhongsheng Group Holdings Limited (SEHK:881) commences share repurchases on January 25, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 10, 2020. As per the mandate, the company is authorized to repurchase up to 227,169,795 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net assets and/or its earnings per share. Any 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 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 June 10, 2020, the company had 2,271,697,955 shares in issue.