CGN New Energy announces share repurchase plan up to HKD50m

CGN New Energy Holdings Co. (HKEX:1811) announced a share repurchase plan under the previously granted Repurchase Mandate, aiming to utilize up to HK$50 million for repurchasing no more than approximately 21,449,620 shares. This move, approved by the Board, intends to capitalize on what they perceive as an undervalued share price and demonstrates confidence in the company’s long-term growth potential. The repurchases will occur on the open market within the next 12 months, subject to market conditions and regulatory requirements, with the company financing the plan from existing available cash. In addition to the share repurchase, CGN New Energy subsidiary CGN Shengsi entered into an Engineering, Procurement, and Construction (EPC) Contract for approximately RMB1,420,600,000 and an equipment purchase contract with Shanghai Electric Wind Power for RMB651,420,000 to expand wind power capabilities. The combination of the repurchase plan and strategic construction and equipment contracts signals a proactive approach by CGN New Energy to enhance shareholder value and expand its renewable energy footprint.