Jinke Smart Services proposes share buyback amid market adjustments

Jinke Smart Services Group announced a proposed share buyback plan, intending to purchase up to 8,438,425 shares at a maximum price of HK$6.67 per share. This price matches the offer price mentioned in a previous announcement dated April 28, 2025. The buyback is to be executed on the Stock Exchange during the offer period, leveraging the general mandate granted to the board on June 6, 2025, which allows for the repurchase of up to 10% of shares in issue (excluding treasury shares).

The company cited continuous market adjustments in its share price as the primary reason for the proposed action. Such a move typically aims to support the stock's valuation and signal confidence from the company's management.

Crucially, the offeror, Broad Gongga Investment Pte. Ltd., provided written consent on June 26, 2025, enabling the board to proceed with the proposed buyback. This consent is essential under Rule 4 of the Takeovers Code, which generally requires shareholder approval for actions that could frustrate an offer, unless the offeror agrees.