Zhongfu Straits completes share repurchase, announces share pledge

Zhongfu Straits Pingtan Development (SZSE:000592) announced the completion of its share repurchase program, initiated to safeguard company value and shareholder interests, with a total of 37,776,600 shares repurchased at prices between CNY1.30 and CNY2.51 per share, for a total cost of CNY 56,191,215. The company intends to use these shares for employee stock ownership or equity incentive plans. Separately, controlling shareholder Fujian Yamada Industrial Development has pledged 2,350,000 company shares, representing 7.10% of its holdings and 1.22% of the total share capital, to China CITIC Bank for financing purposes, bringing its cumulative pledged shares to 14,550,000, accounting for 43.96% of shares held. The company has confirmed that there is no risk of forced liquidation.