Shunyu Optical Technology (02382) announced that on March 27, 2024, the company's shareholders...
According to the Zhitong Finance App, Shunyu Optical Technology (02382) announced that on March 27, 2024, the company has repurchased a total of 490,000 common shares (shares) of the company at the highest, lowest and average prices of HK$39.65, HK$38.90 and HK$39.2683 per share, respectively, in accordance with the general mandate to repurchase shares (general mandate) granted by the company's shareholders at the annual general meeting of shareholders held on May 24, 2023.
The total cost of the share repurchase (excluding commissions and other expenses) was approximately HK$19.2415 million and was disbursed from the company's existing cash reserves and free cash flow.
The Board of Directors believes that share buybacks are in the overall best interests of the company and shareholders. The board of directors believes that the company's current stock price deviates from the company's value until the general authorization expires, and that the company may make further repurchases according to market conditions, subject to the viability of the general authorization. The share buyback reflects the company's recognition of its own value and confidence in the long-term prospects of the industry.