Guangzhou Automobile Group Co., Ltd. commences an Equity Buyback Plan for CNY 1000 million worth of its shares, under the authorization approved on May 20, 2024.
June 28, 2024 at 01:07 pm
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Guangzhou Automobile Group Co., Ltd. (SEHK:2238) commences share repurchases on June 28, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 20, 2024. As per the mandate, the company is authorized to repurchase up to CNY 1000 million worth of its A shares and H shares, where CNY 200 million is for A shares and CNY 800 million is for H shares. The repurchase price for A shares will not more than CNY 13.34 per Share. The price for each repurchase of H Shares shall not be higher than 105% of the average closing price of the Company?s H Shares for the 5 trading days prior to the repurchase. The A shares to be repurchased by the company are intended for the implementation of the Company?s share option scheme or employee stock ownership plan. The H shares to be repurchased by the company will be cancelled. The repurchases will be funded using company's own funds. The repurchase period for A shares will be not more than 12 months. The repurchase period for H shares shall be from the date of the annual general
meeting where the share repurchase plan is approved up to the date of the Company?s next
annual general meeting. As of May 20, 2024 the company had 10,486,911,038 shares outstanding.
Guangzhou Automobile Group Company Limited is an investment holding company principally engaged in vehicles and related businesses. The Company operates through five segments. The Research and Development (R&D) segment is engaged in the development of new products and new technology, as well as the implementation of R&D projects. The Manufacture segment is engaged in the manufacture of passenger vehicles and motorcycles. The Commercial Services segment is engaged in vehicle sales, logistics, international trading, second-hand vehicles, disassembling, resources recycling, as well as the provision of supporting services. The Parts and Components segment provides engines, gearboxes, car seats, auto lamps, automation accessories, redirectors, shock absorbers and accessories. The Financial segment provides financial investment, insurance, insurance broker, financial lease, automobile credit and other related services.
Guangzhou Automobile Group Co., Ltd. commences an Equity Buyback Plan for CNY 1000 million worth of its shares, under the authorization approved on May 20, 2024.
GUANGZHOU AUTOMOBILE GROUP CO., LTD. 
