Liu Sheng, chairman and president of optical module giant Zhongji Innolight, has proposed that the company repurchase some A-shares using its own or self-raised funds, with a total repurchase amount of no less than 4 billion yuan and no more than 8 billion yuan. The repurchase price will not exceed 150 percent of the average trading price of the stock over the 30 trading days before the board approves the buyback plan. The repurchased shares will be used for equity incentives or employee stock ownership plans, and will be cancelled if not fully utilized within three years. The announcement shows that in the six months before the proposal, Liu Sheng increased his holdings by 112,000 shares through equity incentive exercises, while his concert parties reduced their holdings by a total of 500,000 shares. There are no plans to increase or decrease holdings during this buyback period. In the secondary market, Zhongji Innolight closed at 951 yuan per share on July 29, up 43.74 percent, with a latest total market value of 1.06 trillion yuan and full-day turnover of 43.5 billion yuan.
Shandong Zhongji Electrical Equipment Co LtdChairman proposes up to 8 billion yuan share buyback, signaling confidence and supporting share price.