Hwatsing Technology Co., Ltd. commences an Equity Buyback Plan for CNY 100 million worth of its shares, under the authorization approved on March 25, 2024.

Hwatsing Technology Co., Ltd. (SHSE:688120) commences share repurchases on April 3, 2024 under the program mandated by the shareholders in the Extraordinary General Meeting held on March 25, 2024. As per the mandate, the company is authorized to repurchase up to CNY 100 million worth of its shares. The repurchase price will not more than CNY 260 per Share.

The repurchased shares will be used for employee stock ownership plan or equity incentives or used to convert corporate bonds issued by listed companies that can be converted into stocks. The repurchases will be funded using company's own funds. The repurchase period will be not more than 12 months.

As of March 4, 2024, the company had 158,933,383 shares outstanding.