HMT New Technical Materials Co., Ltd announces an Equity Buyback for CNY 200 million worth of its shares.
January 12, 2024
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HMT (Xiamen) New Technical Materials Co., Ltd (SHSE:603306) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of its shares. The shares will be purchased at a price not exceeding CNY 40 per share. The purpose of the program is to improve the company's long-term incentive mechanism, fully mobilize the enthusiasm of the employees, and jointly promote the company's long-term development. The repurchased shares will be used for employee stock ownership plans, otherwise will be cancelled if the company fails to transfer them within the time limit stipulated by relevant laws and regulations. The program will be funded from company's own funds. The program will be valid for 12 months.
On June 7, 2024, the company announced that it has adjusted the share repurchase price to CNY 39.81 per share. The adjustment will be effective from June 17, 2024.
Hmt Xiamen New Technical Materials Co Ltd is a China-based company mainly engaged in the research, development, production and sales of automotive passive safety components. The Company's product line covers automotive airbag fabrics, airbag bags, seat belts and other passive safety system components, as well as bulletproof fabrics, mesh fabrics, and others. The Company distributes products in the domestic market and overseas markets.