Jiangsu New Technology Group Co.,Ltd. announces an Equity Buyback for CNY 20 million worth of its shares.
March 18, 2024 at 03:45 pm IST
Share
Jiangsu New Technology Group Co.,Ltd. (SZSE:301229) announces a share repurchase program. Under the program, the company will repurchase up to CNY 20 million worth of its shares. The repurchase price will not more than CNY 38.30 per Share. The repurchased shares will be used for employee stock ownership plan or equity incentives. The repurchases will be funded using company's own funds. The repurchase period will be not more than 12 months. As of March 18, 2024, the company had 80,013,566 shares outstanding.
On May 13, 2024, the company amended its share repurchase program. The shares will be repurchased at a price not exceeding CNY 27.27 per share.
Jiangsu New Technology Group Co Ltd, formerly Jiangsu New Technology Co Ltd, is a China-based company mainly engaged in the research and development (R&D), production and sales of aluminum cast parts and plastic parts in the fields of automotive suspension system, automotive interior and exterior decoration. The Company's products mainly include automobile suspension shock absorption support, suspension system plastic parts, interior and exterior decoration plastic parts, aluminum die-casting power system suspension support and other automobile parts, as well as molds for the production of the above parts. The Company's exports are mainly sold to the United States.