Longshine Technology Group Co.,Ltd. announces an Equity Buyback for CNY 150 million worth of its shares.
January 05, 2021 at 06:58 am
Share
Longshine Technology Group Co.,Ltd. (SZSE:300682) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at a price of CNY 23.61 per share. The repurchases will be funded out of the company's own funds. The purpose of the program is to protect the interests of investors, enhance investor confidence, and further improve the company’s long-term incentive mechanism. The stock repurchase will be used to implement the company's equity incentive plan or employee stock ownership plan and if the company fails to use the repurchased shares within 36 months after the completion of the share repurchase, the unused repurchased shares will be cancelled. The program is valid for no more than 3 months from the date when the shareholders’ meeting approves the share repurchase plan.
Longshine Technology Group Co Ltd is a China-based company mainly engaged in providing energy technology services. The Company operates three segments. Energy Digitalization Business segment is engaged in software service businesses such as electricity and gas business, industrial Internet, and digital cities. Internet Television (TV) Business segment is engaged in new TV operations and technical services, as well as Internet TV smart terminal business. Energy Internet segment is engaged in Internet operations and technical services such as Internet life payment, new circuit aggregation charging, car energy road cloud, and virtual power plant, among others. The Company mainly conducts businesses within the domestic market.