Shanghai GenTech Co., Ltd. announces an Equity Buyback for CNY 50 million worth of its shares.
July 09, 2024
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Shanghai GenTech Co., Ltd. (SHSE:688596) announces a share repurchase program. Under the program, the company will repurchase up to CNY 50 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 establish and improve the company's long-term incentive mechanism, fully mobilize the enthusiasm of the company's employees, effectively combine the interests of shareholders, the company and the personal interests of employees, and promote the healthy and sustainable development of the company. The repurchased shares will be used for employee stock ownership plans or equity incentive 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.
Shanghai GenTech Co Ltd is a China-based company that provides comprehensive solutions for process media and process environment. Its main businesses are divided into three categories. The design, production, installation and supporting business of gas chemical supply system provide products which include special gas tanks, shunt boxes, liquid source conveying equipment, pharmaceutical liquid mixing units, etc. The main products of the production and sales of high-purity specialty gases business include arsine, phosphorane, silane and mixed gases. The design and construction of the supporting system of the clean plant business include clean room air conditioning systems, air filtration systems and interior decoration, as well as process cooling water systems, clean compressed air systems and vacuum systems. Its products are used in industries such as pan-semiconductor, optical fiber communications and pharmaceutical manufacturing.