According to Zhitong Finance App News, Lijin Technology (00558) announced that the company purchased a total of 12 million shares in the market under the repurchase authorization from December 18, 2023 to January 15, 2024. The repurchase price per share was HK$3.94 to HK$5.05, with a total cost of about HK$56.593 million, and disbursed from the company's existing cash reserves and free cash flow.
The board of directors believes that share repurchases are in the overall best interests of the company and shareholders, and believes that the company's current stock price deviates from the company's value until the repurchase authorization expires, and that the company may make further repurchases according to market conditions, subject to the viability of the repurchase authorization. The share buyback reflects the company's recognition of its own value and confidence in the long-term prospects of the industry.