Summary by Moomoo AI
SHANGHAI FUSTAR PHARMACEUTICALS (GROUP) CO., LTD. (HEREINAFTER REFERRED TO AS “FUSTAR PHARMACEUTICALS”) ANNOUNCED ON 26 MARCH 2024 THAT IT WILL REPURCHASE SHARES OF THE COMPANY THROUGH A CENTRALIZED TENDER TRANSACTION FOR THE PURPOSE OF IMPLEMENTING THE SHARE INCENTIVE PROGRAM AND/OR EMPLOYEE SHARE PROGRAM. The total amount of the repurchase of shares is set at not less than RMB 10 billion and not more than RMB 20 billion, and the repurchase price does not exceed RMB 30/share. The repurchase period is 6 months from the date of approval of the Board's review, i.e. from 26 March 2024 to 25 September 2024. The Chairman of the Company, Mr. Wu Yifang, said that this move was based on the recognition of the trust and value of the Group's development and aimed at maintaining the interests of the broader investors and strengthening investor confidence. FUSTAR PHARMACEUTICALS HAS OPENED A REPURCHASE SPECIAL ACCOUNT WITH THE SHANGHAI BRANCH OF CHINA SECURITIES REGISTRATION SETTLEMENT LIMITED AND WILL FULFIL ITS INFORMATION DISCLOSURE OBLIGATIONS IN ACCORDANCE WITH RELEVANT LAWS AND REGULATIONS IN A TIMELY MANNER.