Shenke Co., Ltd.: Plans to repurchase company shares with 40 million to 80 million yuan

This newspaper report (Reporter Wu Wenjing) on February 13th, Shenco Sliding Bearing Co., Ltd. (hereinafter referred to as “Shenco Co.”) disclosed a share repurchase plan stating that it intends to repurchase shares of the company with a minimum of 40 million yuan and a maximum of 80 million yuan, with a repurchase price not exceeding 20 yuan per share.

Earlier, on February 9th, Shenco Co.'s controlling shareholder, Shenzhen Huili Hongsheng Industrial Holding Enterprise (Limited Partnership), proposed to the company’s board of directors to repurchase some shares through centralized bidding on the Shenzhen Stock Exchange trading system, with the funds for the repurchase coming from the company’s own funds and self-raised funds.

The announcement shows that this share repurchase is based on Shenco Co.'s confidence in the company’s future development and a reasonable judgment of the company’s long-term value. To effectively safeguard the interests of shareholders, enhance investor confidence, and establish a sound long-term incentive mechanism, the company aims to fully motivate its core and key members. The repurchased shares will be used to implement employee stock ownership plans or equity incentives.

Based on the minimum total repurchase amount of 40 million yuan and a maximum price of 20 yuan per share, the number of shares to be repurchased is 2 million, accounting for 1.33% of the company’s total share capital; based on the maximum total repurchase amount of 80 million yuan and a maximum price of 20 yuan per share, the number of shares to be repurchased is 4 million, accounting for 2.67% of the company’s total share capital.

(Edited by Zhang Mingfu)