Shenzhen Kaizhong Precision Technology Co., Ltd. announces an Equity Buyback for CNY 20 million worth of its shares.
April 25, 2023 at 05:32 am EDT
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Shenzhen Kaizhong Precision Technology Co., Ltd. (SZSE:002823) announces a share repurchase program. Under the program, the company will repurchase up to CNY 20 million worth of its shares. The shares will be repurchased at a price not more than CNY 15 per share. The shares repurchased will be used for ESOP or equity incentives. The program will be valid for 12 months.
On July 1, 2023, the company announced that after the 2022 profit distribution, the company adjusted the maximum repurchase price from not more than CNY 15 per share to not more than CNY 14.97 per share.
Shenzhen Kaizhong Precision Technology Co Ltd is a China-based company mainly engaged in the research and development, design, manufacture and sales of core precision components. The Company's main products include commutators, slip rings, gas control components, high-strength elastic parts, new energy vehicle components and multilayer insulated wires. Its new energy vehicle components include new energy vehicle power battery pack components, drive motor connectors, electronic control system inverter components and automotive lightweight components. The Company's products are applied in automotive, new energy vehicle, electric system, aerospace, office equipment, medical equipment, household appliance, power tool, electrical control and other fields. The Company distributes its products within domestic market and to overseas markets.
SHENZHEN KAIZHONG PRECISION TECHNOLOGY CO., LTD. 
