Hangzhou SF Intra-city Industrial Co., Ltd. commences an Equity Buyback Plan for 74,561,060 shares, representing 8.13% of its issued share capital, under the authorization approved on June 6, 2024.
June 12, 2024 at 03:33 am IST
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Hangzhou SF Intra-city Industrial Co., Ltd. (SEHK:9699) commences share repurchases on June 11, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 6, 2024. As per the mandate, the company is authorized to repurchase up to 74,561,060 shares, representing 8.13% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and the laws of PRC and/or any other applicable laws. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of June 6, 2024, the company had 917,375,507 shares in issue.
On June 6, 2024, the company announced a share repurchase program. Under the program, the company will repurchase HKD 37 million worth of shares. The company will subsequently cancel the bought shares. The program will be financed by its own financial resources other than proceeds from the listing of the H Shares.
Hangzhou Sf Intra-City Industrial Co Ltd, formerly Hangzhou Sf Intra City Industrial Co Ltd, is a China-based company mainly engaged in intra-city distribution. The Company operates two segments. Intra-city On-demand Delivery Service Business segment mainly provides third-party instant delivery services for a variety of commodities. Other business segment is engaged in advertising display inspection business, and provides catering order and delivery services. The Company mainly conducts businesses within domestic market.
Hangzhou SF Intra-city Industrial Co., Ltd. commences an Equity Buyback Plan for 74,561,060 shares, representing 8.13% of its issued share capital, under the authorization approved on June 6, 2024.