binhai inv (02886.HK) announced that it intends to exercise the power under the general authorization granted by the resolution passed at the shareholders' annual meeting held on May 10 to repurchase up to 0.135 billion shares of the company's common stock, i.e. 10% of the total number of shares issued on the day of the shareholders' annual meeting.

The company will occasionally repurchase shares in the open market according to market conditions, using up to 20 million yuan for the proposed share repurchase. The company plans to allocate funds for the proposed share repurchase from its own financial resources, and will decide whether the shares repurchased under the proposed share repurchase will be cancelled or held as treasury stock based on the market conditions at the time of repurchase and the company's capital management needs.

The company believes that the current trading price of the shares is lower than their intrinsic value, which may not fully reflect the company's business prospects, and believes that by implementing the proposed share repurchase, it can demonstrate confidence in the company's business outlook and prospects, ultimately benefiting the company and creating value for its shareholders. As of now, the company has not repurchased any shares.