Glory Pharmaceuticals - B (01672.HK) announced that it intends to exercise its power to repurchase shares based on the repurchase authorization and purchase shares on the open market at an appropriate time. According to the repurchase authorization, the company is allowed to repurchase up to approximately 101 million shares, which is equivalent to 10% of the total number of issued shares (excluding treasury shares, if any) as of the date of the shareholder's annual meeting.

On July 1, 2024, the board of directors has decided to exercise the repurchase authorization and repurchase shares on the open market according to market conditions, using up to HKD 200 million to repurchase shares.

The company's financial condition is currently stable. The board of directors believes that the current fill price of the shares does not reflect their intrinsic value. The board of directors believes that the proposed share repurchase can enhance the value of the shares and increase the returns to the company's shareholders. In addition, the board of directors believes that the proposed share repurchase is a reflection of the company's confidence in its long-term business prospects and growth potential, and will ultimately benefit the company and its shareholders as a whole, and is in the best interests of the company and its shareholders.