Gelonghui, February 29丨Yidu Technology (02158.HK) issued an announcement. The company can repurchase the company's issued common shares in the market under suitable market conditions in accordance with the repurchase authorization granted at the 2023 Annual General Meeting of Shareholders. According to the share repurchase authorization, the maximum number of shares allowed to be repurchased by the company is 105,285,814 shares, accounting for 10% of the total number of shares on the day of the 2023 Annual General Meeting of Shareholders.
The board of directors is confident in the company's future development prospects and recognizes the company's value. In order to protect the legitimate rights and interests of investors, enhance investor confidence, and take into account the company's operation, financial situation and development strategy, the company plans to recommend share repurchases. The proposed share repurchases will be disbursed from the company's internal cash resources. The board of directors believes that the company's current financial and business conditions are good, and that the company has sufficient financial resources to recommend share repurchases while maintaining sufficient working capital for the rapid growth of the group's business. The Board believes that the proposed share buyback reflects the company's confidence in the long-term prospects of its business.