Yantai Zhenghai Magnetic Material Co., Ltd. commences an Equity Buyback Plan for CNY 200 million, under the authorization approved on December 5, 2018.
January 02, 2019
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Yantai Zhenghai Magnetic Material Co., Ltd. (SZSE:300224) commences share repurchases on January 2, 2019, under the program mandated by the shareholders in the Extraordinary General Meeting held on December 5, 2018. As per the mandate, the company is authorized to repurchase its A shares, for a total of CNY 200 million. The shares will be repurchased at a price of CNY 8 per share. The shares repurchased will be used in the company’s subsequent equity incentive plan, ESOP, for conversion of convertible corporate bonds to shares, or other used permitted by laws and regulations. The program will be valid for 12 months from the date of the Shareholder's Meeting.
Yantai Zhenghai Magnetic Material Co., Ltd. is a China-based company principally involved in the manufacture of high-performance neodymium-ferrite-boron permanent magnet materials and research, development of new energy vehicle motor derive systems. The Company operates through two main segments. The Neodymium-ferrite-boron Permanent Magnet Materials segment is primarily engaged in the research, development, manufacture, distribution and services of neodymium-ferrite-boron permanent magnet materials, and its products include finished products, machine processed products and blanks. The New Energy Automobile Motor Drive Systems segment is engaged in the research, development, production and distribution of new energy automobile drive motors and its electronic control systems. The Company distributes its products within domestic market and to overseas markets.
Yantai Zhenghai Magnetic Material Co., Ltd. commences an Equity Buyback Plan for CNY 200 million, under the authorization approved on December 5, 2018.
YANTAI ZHENGHAI MAGNETIC MATERIAL CO., LTD. 
