Midea plans to repurchase A-shares worth up to 10 billion yuan

Chinese home appliance giant Midea (0300) plans to repurchase A-shares worth between 5 billion yuan (HK$5.47 billion) and 10 billion yuan over the next year through centralized bidding, with a price cap of 100 yuan per share. 

The buyback will be funded by the company’s own resources or a dedicated share repurchase loan provided by Bank of China (3988).

At least 70 percent of the repurchased shares will be cancelled to reduce registered capital, while the remainder may be used for equity incentive schemes and/or employee stock ownership plans. 

The company said the move reflects strong confidence in its future prospects and intrinsic value, aiming to boost investor confidence and support long-term business goals.

STAFF REPORTER