Summary by Futu AI
ANTA Sports Products Limited ("ANTA Sports") announced on August 27, 2024, that it will implement a share repurchase plan. The plan, based on the resolution passed by the shareholders at the annual meeting on May 8, 2024, gives the board of directors a general authorization to repurchase up to 10% of the total issued shares. ANTA Sports plans to use no more than 10 billion Hong Kong dollars to repurchase shares within 18 months, and the repurchased shares will be cancelled. The board of directors stated that this move aims to promote the interests of shareholders and the company's medium to long-term capital appreciation, considering that the current stock price is below the actual value. The share repurchase will strictly comply with relevant laws and regulations, and will not cause the public shareholding ratio to fall below the minimum specified percentage, nor trigger any comprehensive offer obligation. The specific implementation of the share repurchase will depend on market conditions and will be fully decided by the board of directors.