CCCC plans up to CNY 1bn A-share buyback

China Communications Construction Company Limited (CCCC) has announced a proposed buyback of its A-shares. The company plans to use its own funds for the repurchase, with a total amount ranging from CNY 500 million to CNY 1 billion. The repurchase price will not exceed 150% of the average trading price of the company's shares in the 30 trading days prior to the board's approval, capped at CNY 13.58 per share. The buyback period will be within 12 months from the date the repurchase plan is approved by the shareholders' meeting. The repurchased shares will be used for reducing registered capital and then cancelled. The plan is still subject to shareholder approval. The company stated that the buyback will not significantly impact its operations, finances, or future development.