Zhitong Financial App News, Zhejiang Shanghai-Hangzhou (00576) announced that in order to respond positively to the policy guidelines of the national government and regulatory authorities, enhance investor confidence and protect shareholders' rights and interests, and at the same time actively promote mixed ownership reform of state-owned enterprises, establish a market-based mechanism for sharing interests and risks between employees and Zhejiang Securities (hereinafter referred to as the “Company”), further stimulate the company's vitality and enhance market competitiveness, the company plans to repurchase A-shares as a source of stock for implementing the equity incentive plan.
The company's repurchase price of shares shall not exceed RMB 15.61 per share. The upper price limit for repurchase of shares is not higher than 150% of the average trading price of the company's A shares in the 30 trading days before the board of directors deliberates and passes the share repurchase resolution.
The minimum number of shares to be repurchased by the company is 19.398,800 shares, that is, not less than 0.5% of the company's current total share capital; the upper limit is 387.817 million shares, that is, no more than 1% of the company's current total share capital; the specific number of shares to be repurchased is based on the number of shares actually repurchased at the end of the repurchase period. The total amount of capital the company intends to use for the repurchase shall not exceed RMB 605 million.