Nexwise Intelligence China Limited commences an Equity Buyback Plan for CNY 50 million worth of its shares, under the authorization approved on February 23, 2024.

Nexwise Intelligence China Limited (SZSE:301248) commences share repurchases on February 29, 2024, under the program mandated by shareholders in the Extraordinary General Meeting held on February 23, 2024. As per the mandate, the company is authorized to repurchase up to CNY 50 million worth of its shares. The shares will be repurchased at no more than CNY 22.40 per share.

The purpose of the program is to use the repurchased shares for equity incentives or employee stock ownership plans. If the company fails to use the repurchased shares for the said purpose within 3 years of completion of the program, the unused shares will be cancelled. The program will be funded from company's own funds.

The authorization will be valid for 12 months.