Chairman 朱一明 Proposes 长鑫科技 Buyback of 1 Billion to 2 Billion Yuan

Chairman 朱一明 proposed that 长鑫科技 spend 1 billion yuan to 2 billion yuan on a share buyback. The board received his proposal on Friday, Oct. 16.

The purchases would use centralized competitive bidding. The proposed price ceiling is 150% of the company’s average share trading price over the 30 trading sessions before the board approves the plan.

The repurchased shares would be used for employee equity incentives, an employee shareholding plan or a reduction in registered capital. The proposal still requires approval by the board or a shareholders’ meeting.