Yantai Zhenghai Magnetic Material Co., Ltd. announces an Equity Buyback for CNY 100 million worth of its shares.
December 18, 2023 at 08:12 am
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Yantai Zhenghai Magnetic Material Co., Ltd. (SZSE:300224) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its A shares. The shares will be repurchased at a price not more than CNY 18.06 per share. The repurchased shares will be used for ESOP or equity incentives. If the company fails to use the repurchased shares within 3 years after completion of the program, the unused shares will be cancelled. The authorization will be valid for a period of 12 months.
On April 17, 2024, the company held the 2023 Annual General Meeting of Shareholders and decided to adjust the share repurchase price from CNY 18.06 per share to CNY 17.86 per share. The effective date of adjustment to the price limit for repurchased shares is April 26, 2024.
Yantai Zhenghai Magnetic Material Co., Ltd. is a China-based company principally involved in the manufacture of high-performance neodymium-ferrite-boron permanent magnet materials and research, development of new energy vehicle motor derive systems. The Company operates through two main segments. The Neodymium-ferrite-boron Permanent Magnet Materials segment is primarily engaged in the research, development, manufacture, distribution and services of neodymium-ferrite-boron permanent magnet materials, and its products include finished products, machine processed products and blanks. The New Energy Automobile Motor Drive Systems segment is engaged in the research, development, production and distribution of new energy automobile drive motors and its electronic control systems. The Company distributes its products within domestic market and to overseas markets.
YANTAI ZHENGHAI MAGNETIC MATERIAL CO., LTD. 
