Longsys Controlling Shareholder Proposes Up to 800 Million Yuan Share Buyback

Longsys said on July 23 that its controlling shareholder, actual controller, chairman and general manager Cai Huabo has proposed the company buy back part of its issued A-share common stock using its own or self-raised funds. The proposed repurchase would be conducted through a centralized bidding process on the Shenzhen Stock Exchange and the shares would later be used for equity incentives or an employee stock ownership plan, according to Jiemian News. The buyback fund size would be no less than 400 million yuan and no more than 800 million yuan. The proposed price cap would not exceed 150% of the average trading price of the company’s shares over the 30 trading days before the board approved the repurchase plan; the final plan remains subject to board approval.