C-mer eye (03309.HK) announced that the company has applied a total of HKD 87.9 million from September 7, 2023 to July 11, 2024, (1) repurchased a total of 10,998,000 shares of stock on the market for a total purchase price of HKD 41.6 million, which were subsequently canceled; (2) purchased a total of 15,136,000 shares of stock on the market for HKD 46.3 million for the Trustee to hold for the benefit of selected participants according to the rules and terms and conditions of the 2022 share award plan and the trust deed until they belong to the Trustee.

Considering recent market conditions and macroeconomic performance indicators, as well as the recent trading price of the shares, the board of directors believes that the current trading price does not reflect the group's current operating growth prospects and financial condition. Therefore, depending on market conditions, the board of directors is actively considering a share buyback on the market from the date of this announcement until the date of the next shareholder annual meeting of the company, subject to the general authorization granted to the board of directors by the company's shareholders at the annual shareholder meeting on May 28, 2024 (up to 10% of the total number of issued shares by May 28, 2024, the "2024 Buyback Authorization") and within its limits, repurchasing up to a maximum of 125,556,087 shares of stock on the public market and purchasing additional shares of stock according to the 2022 Share Award Plan.

The funds for the proposed stock buyback and stock purchase plan for the 2022 Share Award Plan in 2024 will come from the company's internal cash resources. Any shares repurchased under the proposed stock buyback for 2024 will be held as inventory shares (in which case the company will not sell or transfer such inventory shares until relevant amendments to the company's existing Articles of Association and Rules are made to allow such sales or transfers) or canceled, and once canceled, the total number of issued shares will be reduced, thereby increasing the net asset value and profits per share. The company will purchase shares according to the 2022 Share Award Plan based on the latest market conditions and the latest trading price of the shares, and it will not reduce the total number of issued shares, while the Trustee will hold the purchased shares in accordance with the purposes and plan rules set forth in the trust agreement.

The directors believe that by carrying out the proposed stock buyback for 2024 and purchasing shares according to the 2022 Share Award Plan, the company demonstrates its confidence in the inherent value of its shares and in the future prospects of the group and its business. However, if the company's operating funds and debt-to-asset ratio will be significantly adversely affected (compared to the condition disclosed in the recently reviewed financial statements) and deviate from a level that the directors from time to time consider appropriate for the company, the directors will not exercise the relevant authorization.