China Harmony New Energy (03836) said given that the stable growth in retail sales of luxury passenger vehicles since the second half of the year, the effect of tariff reduction on imported vehicles and spare parts, as well as the fact that FMC as the leading manufacturer for new energy automobiles in the country, which is invested by the company, has completed series B financing with a post investment valuation of US$2.2 billion, the company estimates that the prevailing share price of the company does not reflect its assets quality and is below its intrinsic valuation, hence presented a good opportunity for the company to initiate a share repurchase plan.
The company intends to repurchase not more than 55 million shares with its own funds.
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