Gelonghui, April 30, 丨 Lijin Technology (00558.HK) announced that from December 18, 2023 to January 15, 2024, the company purchased a total of 12 million shares of the company's shares within the limits of the repurchase authorization described below. The share repurchase is based on the shareholders' resolution passed by the company's shareholders at the annual general meeting of shareholders held on September 6, 2023, and the board of directors of the company was granted general authorization to redeem no more than 137,639,150 shares.

The share repurchase price ranges from a minimum price of HK$3.94 to a maximum price of HK$5.05. The total cost (excluding commissions and other expenses) is approximately HK$56,659,300, and is paid from the company's existing cash reserves and free cash flow. The repurchased shares are equivalent to approximately 0.87% of the total number of shares issued on the announcement date (i.e. 1,376,391,500 shares). The company will then cancel the purchased shares. It is anticipated that the total number of issued shares will be reduced to 1,364,391,500 shares after all repurchased shares are cancelled.

The board of directors believes that share repurchases are in the overall best interests of the company and shareholders, and believes that the company's current stock price deviates from the company's value until the repurchase authorization expires, and that the company may make further repurchases according to market conditions, subject to the viability of the repurchase authorization. The share buyback reflects the company's recognition of its own value and confidence in the long-term prospects of the industry.