Summary by Futu AI
GUANGZHOU AUTOMOBILE GROUP CO., LTD. (ABBREVIATED AS GUANGBAO GROUP) ANNOUNCED ON 20 MAY 2024 THAT IT WILL IMPLEMENT THE H SHARE REPURCHASE PLAN PURSUANT TO THE RESOLUTION ADOPTED BY THE GENERAL MEETING AND THE CLASS A AND H SHAREHOLDERS' MEETINGS. The scheme will use equity capital of not less than RMB 4 billion and not more than RMB 8 billion to repurchase no more than 10% of the company's H shares and will introduce a rollover of the repurchased H shares in accordance with the HKEx listing rules, while reducing the company's registered capital. In addition, the Company shall notify the creditor in accordance with the relevant laws and regulations, within 45 days from the date of such disclosure, to request repayment of the Company's debts or to provide corresponding guarantees. If the debtor does not exercise the above rights within the specified period, the repurchase and sale will be carried out in accordance with the statutory procedure. The specific time period for filing obligations is 21 May to 4 July 2024.
