Chint Electric share repurchase proposed by controlling shareholder

Zhejiang Chint Electrics (SSE:601877) announced today that its controlling shareholder, Chint Group, has proposed a share repurchase plan. The proposal suggests using the company's own or self-raised funds to repurchase A-shares through centralized bidding via the Shanghai Stock Exchange trading system. The repurchased shares will be used for employee stock ownership plans. The proposed repurchase amount is between CNY 270 million and CNY 540 million. The repurchase price should not exceed 150% of the average trading price of the company's stock in the 30 trading days prior to the board resolution. The implementation period will not exceed 12 months from the date the board approves the repurchase plan. Chint Group has stated it has no plans to actively increase or decrease its holdings in the company during the repurchase period.