Hongdou to repurchase shares worth up to CNY 20m

Jiangsu Hongdou Industrial (SSE:600400) announced plans to repurchase its own shares via centralized bidding, with the goal of implementing an employee stock ownership plan. The total repurchase amount will be no less than CNY 10 million and no more than CNY 20 million, funded from the company's own capital. The repurchase price is capped at CNY 3.45 per share. The repurchase will be conducted within 12 months of board approval. The company intends to cancel any repurchased shares that have not been used within 36 months of completion of the share repurchase implementation.