Economic Information Daily News Agency reported on the 6th: Maoyan Entertainment (01896) is currently up 3.6%, trading at HK$3.735, with approximately 1.57 million shares traded, involving a turnover of HK$5.75 million.
Maoyan Entertainment announced that, depending on market conditions, it will exercise its share repurchase authority to buy back shares in the open market from time to time, with funds of up to approximately 250 million yuan to be used for the share repurchases. The group stated it will fund the share repurchases using its existing available cash reserves and free cash flow.
The group noted that the share repurchase authority will remain in effect until the date of the next annual general meeting of shareholders to be held next year. The Board considers that the current trading price of the shares does not reflect their intrinsic value or the actual business prospects. The proposed share repurchase program reflects the Board and management team's strong confidence in the group's current and long-term business prospects and growth, and believes that existing financial resources are sufficient to support the share repurchase while maintaining a sound financial position.
Currently, the Hang Seng Index stands at 24,207, up 166 points or 0.7%, with main board turnover exceeding HK$27.7 billion. The Hang Seng China Enterprises Index stands at 8,110, up 59 points or 0.7%. The Hang Seng Tech Index stands at 4,216, up 32 points or 0.8%. (nw)
Maoyan Entertainment announced that, depending on market conditions, it will exercise its share repurchase authority to buy back shares in the open market from time to time, with funds of up to approximately 250 million yuan to be used for the share repurchases. The group stated it will fund the share repurchases using its existing available cash reserves and free cash flow.
The group noted that the share repurchase authority will remain in effect until the date of the next annual general meeting of shareholders to be held next year. The Board considers that the current trading price of the shares does not reflect their intrinsic value or the actual business prospects. The proposed share repurchase program reflects the Board and management team's strong confidence in the group's current and long-term business prospects and growth, and believes that existing financial resources are sufficient to support the share repurchase while maintaining a sound financial position.
Currently, the Hang Seng Index stands at 24,207, up 166 points or 0.7%, with main board turnover exceeding HK$27.7 billion. The Hang Seng China Enterprises Index stands at 8,110, up 59 points or 0.7%. The Hang Seng Tech Index stands at 4,216, up 32 points or 0.8%. (nw)
