Jiugang Hongxing announces share repurchase plan

Gansu Jiu Steel Group Hongxing Iron & Steel (SSE:600307) announced a plan to repurchase company shares through centralized bidding, aiming to protect shareholder interests and boost investor confidence. The company will use its own funds and a special loan facility up to CNY 180 million from Industrial Bank to finance the repurchase. The repurchase period will not exceed three months from the date of board approval, with a maximum repurchase price of CNY 2.19 per share, not exceeding 150% of the average trading price of the company's shares in the 30 trading days before the board made the repurchase resolution (CNY 1.46/share). The total repurchase amount will be between CNY 100 million and CNY 200 million. The repurchased shares will be sold within 3 years of a lock-up period following the repurchase results announcement. The company will continue to monitor and disclose further developments.