Bestechnic Proposes Up to 100 Million Yuan Share Buyback for Employee Incentives

Bestechnic said on September 9 that its controlling shareholder, actual controller and chairman Liang Zhang has proposed that the company use its own funds to buy back part of its issued RMB ordinary shares (A shares) through centralized bidding on the Shanghai Stock Exchange. The repurchased shares would be used entirely for an employee stock ownership plan and/or equity incentive plan, according to Jiemian News. The buyback would total no less than 50 million yuan and no more than 100 million yuan, with a maximum purchase price of 150 yuan per share.