Shanghai Lisheng Racing Co.,Ltd. announces an Equity Buyback for CNY 60 million worth of its shares.
December 22, 2020 at 04:00 pm
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Shanghai Lisheng Racing Co.,Ltd. (SZSE:002858) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its class A shares. The shares will be repurchased at a price of not more than CNY 15 per share. The program will be funded out of the company's own funds or other legal funds. The purpose of this program is to maintain the company's value and shareholders' equity. All the repurchased shares will be used for sale. The program will expire within 3 months from the date of approval of the repurchase plan by the board of directors.
Lisheng Sports Shanghai Co Ltd, formerly Shanghai Lisheng Racing Co Ltd, is a China-based company principally engaged in the operation of sports events, sports clubs and venues. The Company conducts its businesses primarily through five segments. The Sports Venues Operation segment is mainly engaged in the operation of racing venues, motorsport and driving experience centers, and indoor and outdoor kart venues. The Sports Event Management segment is mainly engaged in creating its own events, formulating event rules and organizing teams or drivers to participate. The Sports Club Operation segment is mainly engaged in the operation of racing clubs, as well as racing car modification and research and development services. The Sports Equipment Manufacturing and Sales segment is mainly engaged in the manufacturing and sales of kart equipment. The Marketing Services segment mainly provides online marketing services.
LISHENG SPORTS (SHANGHAI) CO.,LTD 
