Bairong Inc. announced the expansion of share repurchase plan to HK$375 million

HONG KONG, Sept. 30, 2024 /PRNewswire/ -- Bairong Inc. (Stock Code: 6608) recently announced the expansion of its share repurchase plan. According to the announcement on March 25, 2024, the company planned to repurchase B-class ordinary shares with a total value up to HK$250 million in the open market from time to time. As of September 27, 2024, the company has repurchased 14,823,000 B-class shares under the share repurchase plan for approximately HK$134.4 million, including expenses.

The board of directors of the company announced that, based on the new share repurchase authorization approved by the company's shareholders at the annual general meeting held on June 21, 2024, it has resolved to expand the share repurchase plan, increasing the repurchase size up to HK$375 million in value, and extending the period until May 31, 2025.

Bairong Inc. believes that the expansion of the share repurchase plan will further demonstrate the company's confidence in its own business outlook and prospects, and ultimately benefit the company and create value for shareholders. The board of directors believes that the company's current financial resources are sufficient to support the expansion of the share repurchase plan while maintaining a robust financial condition.

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Bairong Inc.
Ms. Sandy Qin, CFA, CMA, GradCG
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