Midea Group announces up to CNY 10bn share repurchase

Midea Group (SZSE:000333) announced a plan to repurchase its A shares through centralized bidding, with a total amount not exceeding CNY 10 billion and not less than CNY 5 billion. The repurchased shares will be used for cancellation to reduce registered capital and for equity incentive plans or employee stock ownership plans, with at least 70% of the repurchased shares earmarked for cancellation. The repurchase price will not exceed CNY 100 per share. The repurchase period will be within 12 months from the date of shareholder approval. As of the announcement date, the company's directors, senior management, controlling shareholders, and shareholders holding more than 5% of the company's shares have no plans to increase or decrease their holdings during the repurchase period or in the next six months. The company plans to use its own funds and/or special loans for stock repurchase from the Shunde Branch of the Bank of China to fund the repurchase.