Shanghai Electric announces share repurchase plan via bidding

Shanghai Electric Group Company (SSE:601727) announced plans to repurchase its A-shares through centralized bidding, aiming to reduce the company's registered capital. The total repurchase amount will range from a minimum of CNY 150 million to a maximum of CNY 300 million, funded by the company's own capital and a dedicated repurchase loan. The repurchase price will not exceed 150% of the average trading price of the company's stock in the 30 trading days prior to the board's resolution, capped at CNY 12.29 per share. The repurchase period is within three months from the date of shareholder meeting approvals. The company has been granted a loan up to CNY 270 million by Shanghai Pudong Development Bank. The company stated that no major impact is expected on its financial stability and the repurchase aligns with the goal of shareholder value enhancement.