On July 21, Sunshine Power issued an after-market announcement, and the company received a letter from Chairman Cao Renxian on the proposal of Sunshine Power Co., Ltd. to repurchase the company's shares.
The announcement shows that Cao Renxian proposes that the company use its own or self-financing funds to repurchase some of the RMB common shares (a shares) issued by the company through the Shenzhen Stock Exchange trading system by means of centralized bidding transactions, with the total amount of repo urchase funds not less than 500 million yuan (including) . And no more than 1 billion yuan (including) . The price of
the repurchased shares will not be higher than 150% of the average trading price of the company's shares on the 30 trading days before the board of directors considers and approves the resolution on the share repurchase plan.
The repurchased shares will be used for equity incentive or employee stock ownership plan . If the Company fails to use up the repurchased shares within three years after the announcement of the implementation results of the share repurchase and the change of shares, the unused repurchased shares will be cancelled.
Sunshine Power said that this will establish and improve the company's long-term incentive mechanism, fully mobilize the enthusiasm of employees, effectively integrate the interests of shareholders, the company and employees, and promote the healthy, stable and sustainable development of the company.
As of the close of July 22, the share price of Sunshine Power Supply was 109.95 yuan per share, up 5.64% on that day, with a market value of 228 billion yuan, but it was 191.71 yuan per share from the high of May 27, with a market value of 381.6 billion yuan, and the share price had fallen nearly 50% in less than two months. Its market value has shrunk by more than 150 billion yuan .
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