Fenglong Holdings Controlling Shareholder Proposes Up to 60 Million Yuan Share Buyback

Fenglong Holdings said on July 21 that its controlling shareholder, Ubtech, has proposed that the company use self-owned and self-raised funds to buy back its issued A shares through centralized bidding on the Shenzhen Stock Exchange. The repurchased shares would later be used for an employee stock ownership plan or equity incentives, according to Jiemian News. The buyback budget is set at no less than 30 million yuan and no more than 60 million yuan, with the repurchase price capped at 150% of the average trading price of the company’s stock over the 30 trading days before the board approved the buyback resolution. The final plan will be subject to board approval.