Huagong Tech chairman proposes share repurchase plan

Huagong Tech (SZSE:000988) announced that its Chairman, Ma Xinqiang, has proposed a share repurchase plan, driven by confidence in the company's long-term value and future prospects. The repurchase aims to implement employee stock ownership or equity incentive plans. The company intends to use its own or self-raised funds for the repurchase, with the total amount ranging from a minimum of CNY 300 million to a maximum of CNY 400 million. The repurchase price will not exceed 150% of the average stock trading price in the 30 trading days before the board's decision. The repurchase is planned to be executed through centralized bidding via the Shenzhen Stock Exchange system within 12 months of board approval. The plan is subject to standard regulatory review procedures and board approval.