Sanfu New Materials Proposes Up to 30 Million Yuan Share Buyback

Sanfu New Materials said on July 21 that controlling shareholder, de facto controller, chairman and general manager Shangguan Wenlong has proposed that the company buy back part of its issued A-shares using its own funds and/or self-raised funds through centralized bidding on the Shanghai Stock Exchange. The repurchased shares would later be used for employee equity incentives or an employee stock ownership plan, according to Jiemian News. The proposed buyback budget is at least 20 million yuan and no more than 30 million yuan, and the maximum repurchase price would not exceed 150% of the average trading price of the company’s shares over the 30 trading days before the board approves the buyback resolution.