GEM announces progress in share repurchase program

GEM Co., Ltd. (SZSE:002340) announced progress in its share repurchase program, initiated after shareholder approval on February 13, 2025. By February 28, 2025, the company had repurchased 7,150,000 shares, representing 0.14% of the total share capital, through a dedicated securities account. The highest transaction price was RMB 7.01 per share, and the lowest was RMB 6.92 per share. The total expenditure reached RMB 49,797,500 (excluding transaction costs), funded by the company's own capital and special loans. The repurchased shares will be used for equity incentives, employee stock ownership plans, or cancellation to reduce registered capital. The company affirmed that the repurchase activities complied with relevant regulations and its previously disclosed repurchase plan, and will continue according to market conditions, ensuring timely disclosure of further developments.