Beijing Hezong Science & Technology Co.,Ltd. commences an Equity Buyback Plan for CNY 40 million worth of its shares, under the authorization approved on November 10, 2022.
December 18, 2023 at 04:00 pm
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Beijing Hezong Science & Technology Co.,Ltd. (SZSE:300477) commences share repurchases on December 18, 2023, under the program mandated by the shareholders in the Extraordinary General Meeting held on November 10, 2022. As per the mandate, the company is authorized to repurchase shares up to CNY 40 million worth of its class A shares. The shares will be repurchased at a price of CNY 8.4 per share. The repurchase shares ill be used for employee stock ownership plan or equity incentive. The program is valid for 12 months.
On November 28, 2023, the company announced that it has extended its plan duration till July 10, 2024, subject to shareholder's approval.
On December 8, 2023, the shareholders of the company approved the extension.
Hezong Sience&Technology Co Ltd, formerly Beijing Hezong Science & Technology Co Ltd, is a China-based company principally engaged in the research and development, manufacture and sales of outdoor medium and high power distribution and control equipment. The Companyâs products include ring main units, box-type transformer substations, pole top switches, transformers, cable accessories, other switches and others. The Company is also engaged in the research and development, manufacture and sales of precursors for lithium battery cathode materials through its subsidiary, including cobalt trioxide, cobalt oxyhydroxide and iron phosphate. The Company also provides electrical engineering design services. The Company distributes its products mainly in domestic market.
Beijing Hezong Science & Technology Co.,Ltd. commences an Equity Buyback Plan for CNY 40 million worth of its shares, under the authorization approved on November 10, 2022.