Ningxia Zhongyin Cashmere Co., Ltd. announces an Equity Buyback for CNY 100 million worth of its shares.
January 04, 2021 at 11:00 am EST
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Ningxia Zhongyin Cashmere Co., Ltd. (SZSE:000982) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its class A shares. The shares will be repurchased at a price not more than CNY 1.68 per share and not exceeding 150% of the average price of the company's stock trading 30 trading days before the board approved the repurchase resolution. The program will be funded out of the company's own funds. The purpose of the program is to protect the legitimate rights and interests of all shareholders, enhance investor confidence, increase recognition of the company's value and confidence in the company's future development prospects and further improve the company's long-term incentive mechanism. The repurchased shares will be used for employee stock ownership plan or equity incentive plan. The program is valid till earlier of 12 months from the date of approval of the program or when the repurchase amount reaches the maximum limit within this period, unless terminated by board.
Ningxia Zhongyin Cashmere Co Ltd is a China-based company mainly engaged in the trading of cashmere and cashmere products, and the production and sales of positive electrode materials for new energy lithium batteries. The Company is mainly engaged in four businesses. The cashmere and cashmere products trading business is engaged in the trading of cashmere and cashmere products and cashmere supply chain services. The new energy lithium battery positive electrode material business is engaged in the production and sales of lithium iron phosphate, a positive electrode material for lithium batteries. The lithium battery application end business is engaged in the battery replacement business for two-wheeled and three-wheeled electric vehicles involved in new energy applications. The special graphite business is engaged in the special graphite roasting, special graphite graphitization and graphitization processing of lithium battery negative electrode materials.