Chinese automaker GAC Group surged as much as 7% in Hong Kong and its Shanghai-traded shares gained as much as 5%.
The company intends to spend no less than 100 – 200 million yuan of its own funds repurchasing its A-shares and spend 400 – 800 million yuan repurchasing its H-shares by means of centralised bidding transactions, according to its stock exchange filings on Friday.
The repurchasing prices for its A-shares will be no higher than 13.34 yuan per share and no higher than 150% of the average trading prices in the 30 trading days before the repurchases, while the repurchasing prices for its H-shares will be no higher than 105% of the average closing price in the five trading days before the repurchases, it said.
The A-shares repurchased will be used for the implementation of the share incentive scheme or employee share ownership scheme, and the remaining shares will be cancelled if they are not fully utilised within 36 months after the share repurchase is completed, it said. The H-shares repurchased by the group will be cancelled.
