Lingyuan Iron & Steel announces share repurchase plan

Lingyuan Iron & Steel Co., Ltd. (SSE:600231) announced a plan to repurchase its own shares through centralized bidding transactions. The total repurchase amount will range from CNY 5 million to CNY 10 million, funded from the company's own funds and self-raised funds. The repurchased shares will be used for equity incentives and other legally permissible purposes. The repurchase price will not exceed CNY 2.55 per share, which is not more than 150% of the average share trading price in the 30 trading days prior to the board's resolution. The repurchase period will not exceed 12 months from the date the board of directors approves the plan. Major shareholders have confirmed they have no plans to reduce their holdings in the near term. The company cautions that the repurchase plan is subject to market risks and regulatory changes.