Market Capitalization Management: "An Important Way to Open Up" |COSCO SHIPPING Development officially launches H-share Repurchase
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Starting the “Repurchase” acceleration button On November 1, COSCO SHIPPING Development
launched H-share repurchase. On the first day, 1,798,000 H shares were
repurchased, with a maximum repurchase price of HKD1.07 per share and a
minimum repurchase price of HKD1.05 per share, and a total repurchase amount
of HK$1,906,640 (excluding transaction fees). The repurchased shares will be fully
canceled and the registered capital will be reduced, which will enrich the
earnings per share and further safeguard the rights and interests of the
shareholders of the Company. Demonstrating Firm Confidence in
Long-Term Development As a company listed on both A and H stock
exchanges, COSCO SHIPPING Development is actively concerned about the
interests of investors in Shanghai and Hong Kong, and has promoted the
repurchase process in an orderly manner to actively safeguard the performance
of its share price. The implementation of this share repurchase fully
demonstrates the company's firm confidence in its future development and
further boosts market confidence. Since the release of the program, COSCO
SHIPPING Development's share price in both places has been on a solid trend
and the market performance has been good. Strengthening internal and external
training to reshape the ecology of market value management Since the beginning of this year, a series of policies such
as the new “Nine Articles of the State”and the establishment of stock
repurchase and holdings refinancing have been gradually released and put
into practice, further promoting the reshaping of listed companies'
market value management ecology. COSCO SHIPPING Development has been
practicing hard work internally and shaping its image externally,
continuously improving its corporate governance, endogenous growth, and
scientific and technological innovation capabilities, while actively
exploring the use of capital market tools, and striving to realize the
benign interaction between the company's development and its market
value through a series of initiatives such as improving the regular
dividend distribution mechanism, implementing share repurchase, and
strengthening the linkage with the capital market. On October 20, the Company issued a repurchase program,
planning to repurchase 40 million to 80 million of the Company's A-share
shares within six months after the repurchase program is approved by the
shareholders' general meeting, and will implement the H-share share
repurchase under the framework of the general authorization already
approved by the shareholders' general meeting, and the repurchased
shares will be fully canceled and the registered capital will be reduced. On November 13, the Company will hold the Second
Extraordinary General Meeting of 2024 to consider the Proposal on the
Company's Plan to Repurchase A Shares.
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Starting the “Repurchase” acceleration button On November 1, COSCO SHIPPING Development
launched H-share repurchase. On the first day, 1,798,000 H shares were
repurchased, with a maximum repurchase price of HKD1.07 per share and a
minimum repurchase price of HKD1.05 per share, and a total repurchase amount
of HK$1,906,640 (excluding transaction fees). The repurchased shares will be fully
canceled and the registered capital will be reduced, which will enrich the
earnings per share and further safeguard the rights and interests of the
shareholders of the Company. Demonstrating Firm Confidence in
Long-Term Development As a company listed on both A and H stock
exchanges, COSCO SHIPPING Development is actively concerned about the
interests of investors in Shanghai and Hong Kong, and has promoted the
repurchase process in an orderly manner to actively safeguard the performance
of its share price. The implementation of this share repurchase fully
demonstrates the company's firm confidence in its future development and
further boosts market confidence. Since the release of the program, COSCO
SHIPPING Development's share price in both places has been on a solid trend
and the market performance has been good. Strengthening internal and external
training to reshape the ecology of market value management Since the beginning of this year, a series of policies such
as the new “Nine Articles of the State”and the establishment of stock
repurchase and holdings refinancing have been gradually released and put
into practice, further promoting the reshaping of listed companies'
market value management ecology. COSCO SHIPPING Development has been
practicing hard work internally and shaping its image externally,
continuously improving its corporate governance, endogenous growth, and
scientific and technological innovation capabilities, while actively
exploring the use of capital market tools, and striving to realize the
benign interaction between the company's development and its market
value through a series of initiatives such as improving the regular
dividend distribution mechanism, implementing share repurchase, and
strengthening the linkage with the capital market. On October 20, the Company issued a repurchase program,
planning to repurchase 40 million to 80 million of the Company's A-share
shares within six months after the repurchase program is approved by the
shareholders' general meeting, and will implement the H-share share
repurchase under the framework of the general authorization already
approved by the shareholders' general meeting, and the repurchased
shares will be fully canceled and the registered capital will be reduced. On November 13, the Company will hold the Second
Extraordinary General Meeting of 2024 to consider the Proposal on the
Company's Plan to Repurchase A Shares.
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