Autel Intelligent Technology Corp., Ltd. announces an Equity Buyback for CNY 200 million worth of its shares.
December 18, 2023 at 02:44 pm
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Autel Intelligent Technology Corp., Ltd. (SHSE:688208) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of its shares. The shares will be purchased at a price not exceeding CNY 41.11 per share. The purpose of the program is to improve the company's long-term incentive mechanism, fully mobilize the enthusiasm of the employees, and jointly promote the company's sustainable development. The repurchased shares will be used for employee stock ownership plans or equity incentive plans, otherwise will be cancelled if the company fails to transfer them within the time limit stipulated by relevant laws and regulations. The program will be funded from company's own funds. The program will be valid for 12 months.
On May 13, 2024, the company announced that it has adjusted its repurchase price from CNY 41.11 per share to CNY 40.72 per share.
Autel Intelligent Technology Corp., Ltd. is a China-based company mainly engaged in automotive intelligent business. The Company's business includes research, development, manufacturing, sales and service of automotive intelligent diagnostics, detection and analysis systems and automotive electronic components. Its main products include comprehensive automotive diagnostic products, Tire Pressure Monitoring System (TPMS) series products, Advanced Driving Assistant System (ADAS) series products and other products, as well as offering in various products Car intelligent repair cloud service. The Company's products are mainly sold to more than 50 countries and regions including the United States, Germany, the United Kingdom, and Australia.