On September 30, Gelonghui | Bairongyun-W (06608.HK) issued an announcement stating that the company plans to repurchase the company's Class B common shares (“Class B Shares”) (“Share Repurchase Plan”) with a total amount not exceeding HK$0.25 billion from time to time in the open market. As of September 27, 2024, the Company has repurchased 14.823 million Class B shares for approximately HK$0.1344 billion (including expenses) in accordance with the share repurchase plan. In accordance with the new share repurchase authorization adopted by the Company's shareholders at the Annual General Meeting of Shareholders held on June 21, 2024 and any subsequent share repurchase authorization (if applicable) (collectively, “share repurchase authorization”) approved by shareholders from time to time, the board of directors has decided to expand the share repurchase plan to a total amount not exceeding HK$0.375 billion and extend the period until May 31, 2025 (“Expanded Share Repurchase Plan”).
The company believes that expanding the share repurchase program will further show that the company is confident in its business outlook and prospects, and will ultimately bring benefits to the company and create value for shareholders. The board of directors believes that the company's current financial resources are sufficient to support the expansion of the share repurchase program while maintaining a sound financial position.
