Desay SV Automotive announces share repurchase plan

Huizhou Desay SV Automotive (SZSE:002920) announced a plan to repurchase company shares using its own funds and a dedicated repurchase loan. The total repurchase amount will range from CNY 300 million to CNY 600 million. The repurchase price is capped at CNY 120 per share, not exceeding 150% of the average trading price in the 30 trading days prior to the board's resolution. The company intends to use the repurchased shares for equity incentive plans or employee stock ownership. The repurchase period will be within 3 months from the date of board approval. The company has secured a loan commitment from Industrial and Commercial Bank of China (ICBC) Guangdong Branch for up to CNY 540 million.