On May 20, GLONGHUI | KEEP (03650.HK) issued an announcement. The company concerned intends to use up to HK$16 million to repurchase the company's shares on the open market from time to time in accordance with the share repurchase authorization. As of the date of this announcement, the company has used more than 90% of the repurchase capital to repurchase shares on the open market. On May 19, 2024, it decided to increase the amount allocated to the repurchase capital, and proposed an increase of up to HK$100 million in share repurchase authorizations. The Board of Directors will continue to recommend share repurchases on the open market from time to time in accordance with share repurchase authorizations. The company intends to use its own financial resources other than the proceeds from the initial public sale to repurchase the shares.
The company believes that share buybacks will demonstrate the company's confidence in its own business prospects and prospects, and will ultimately benefit the company and create value for its shareholders. The Board believes that the company's current financial resources will enable it to implement share buybacks while maintaining a sound financial position.