Xinyisheng controlling shareholder proposes 800 million–1 billion yuan buyback
In short
Xinyisheng (新易盛) said its controlling shareholder had proposed an A-share buyback of 800 million to 1 billion yuan. The repurchased shares would be used for equity incentives or an employee shareholding plan.
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Xinyisheng (新易盛), stock code 300502.SZ, said it had received a proposal from controlling shareholder, actual controller and chairman Gao Guangrong (高光荣) to repurchase A shares through centralized bidding. The proposed amount is no less than 800 million yuan and no more than 1 billion yuan, using the company's own or self-raised funds. [ 1 , 2 ]
The shares would be used for equity incentives or an employee shareholding plan. The proposed price ceiling is 150% of the average trading price during the 30 trading days before board approval of the buyback plan. The repurchase period would run for 12 months from board approval. [ 1 , 2 ]
Why it matters
The proposal specifies a price ceiling and a 12-month period following board approval. It remains a shareholder proposal in the supplied reports.
Key facts
What local media are saying
Timeline, local time
- October 15: CLS reported the shareholder's proposal and its terms. [ 1 ]