Chengtun Mining announces share buyback, controlling shareholder pledges more stock

Chengtun Mining Group announced a share repurchase program through centralized bidding, ranging from RMB 500 million to RMB 600 million. The repurchased shares, at a maximum price of RMB 11.82 per share, will be allocated to employee stock ownership plans or equity incentives within 36 months, with unused portions to be cancelled. This initiative aims to enhance investor confidence and improve long-term incentive mechanisms, funded by the company's own capital or self-raised funds, including a RMB 500 million loan facility from the Industrial and Commercial Bank of China, Xiamen Branch.

Concurrently, the controlling shareholder, Shenzhen Chengtun Group Co., Ltd., and its concerted parties have pledged 15.3 million shares of Chengtun Mining Group. This latest pledge increases their total pledged shares to 226.73 million, representing 40.87% of their total holdings and 7.34% of the company's total share capital. The pledged shares, held by Shenzhen Chengtun Industrial Development Co., Ltd., are for supplementary working capital.

Neither the controlling shareholder nor its concerted parties have plans to reduce their shareholdings in the next three to six months. The company's board of directors and management were not involved in any share trading activities six months prior to the repurchase announcement.