Gelonghui announced on April 11 | Biosetu-B (02315.HK) announced that the company noticed unusual fluctuations in the stock price of the company's shares listed on the Hong Kong Stock Exchange Limited recently. The company hereby explains that there have been no major adverse events in its production and operation activities, and that all business lines have maintained steady growth and are progressing steadily in accordance with the established strategy. The company's board of directors and management team are confident in the company's development prospects and do not expect any significant adverse changes in the company's production and operation activities and financial situation. As disclosed in the overseas regulatory announcement on January 5, 2024, according to the company's careful estimates, the company is expected to approach the break-even point in 2024.
After making reasonable inquiries about the company in the relevant circumstances, the board confirmed that it was unaware of any reason for price and volume fluctuations, or any information that must be published to avoid false markets in the company's securities, or any insider information required to be disclosed under Part XIVA of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong.
In 2022 and 2023, the Company has instructed China Merchants Wing Lung Trust Co., Ltd. (i.e. the trustee) to manage the share award scheme to purchase the company's H shares, which will be held by the trustee and used to fulfill the share awards under the grant plan. By the end of 2023, the total consideration for share purchases through the company's own idle funds was approximately HK$30 million.
Since the board of directors believes that the current value of the company's shares is seriously undervalued, now is the right time to add shares related to the share award scheme, and the company plans to purchase further shares with a capital of no more than HK$10 million. As the company's operations continue to improve in 2024, if the company's stock price is still undervalued in the future, the company can further invest additional capital in share purchases to support the implementation of future plans after considering all relevant circumstances.