Gree Electric: it plans to buy back the company’s shares by 7.5-15 billion yuan for employee stock ownership plan or equity incentive

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On May 26, Zhuhai Gree Electric Appliance Co., Ltd. announced that it plans to use its own funds to buy back the company’s shares by means of centralized competitive trading. The types of shares to be bought back are A-shares issued by the company, with the total amount of funds not less than RMB 7.5 billion (inclusive) and not more than RMB 15 billion (inclusive), and the price of shares to be bought back is not more than RMB 70 / share.
According to the calculation of the highest repurchase fund of RMB 15 billion, the number of shares that can be repurchased is estimated to be about 214285714, accounting for 3.56% of the total share capital of the company at present; According to the minimum repurchase fund of RMB 7.5 billion, the number of shares that can be repurchased is estimated to be about 107142857, accounting for about 1.78% of the total share capital of the company.
The buyback period shall not exceed 12 months from the date when the buyback plan is approved by the board of directors of the company. The specific number of buyback shares shall be subject to the number of shares actually bought back at the expiration of the buyback period. The buyback shares will be used for employee stock ownership plan or equity incentive.