Midea boosts shareholder returns with dividend, buyback plan

Midea Group (SZSE:000333) announced a substantial shareholder return plan that encompasses a proposed cash dividend of CNY35 per 10 shares and a share repurchase program. The company plans to return capital to shareholders through cash dividends totaling CNY 26,711,662,411. The plan is based on the total number of shares eligible for profit distribution on the share registration date, and subject to any changes in capital structure. In a separate announcement, Midea Group disclosed its intention to implement a share repurchase program, utilizing CNY 5 billion to CNY 10 billion to buy back company stock for cancellation and/or equity incentive plan. The stock would be bought back at a maximum price of CNY 100 per share. These repurchased shares will enhance shareholder value, increase per share profitability, and support employee incentive plans, contributing to the company's long-term success and solidifying investor confidence. As part of this program, 70% or more of the repurchased shares will be used to reduce the company's registered capital, and both the dividend and share repurchase plans are subject to shareholder approval at the upcoming annual general meeting.