Demonstrating Confidence and Creating Value
HONG KONG, June 11, 2024 /PRNewswire/ -- Hangzhou SF Intra-city Industrial Co., Ltd. (Stock Code: 9699.HK), China's largest third-party on-demand delivery service provider, is pleased to announce that the Board of Directors intends to continue to conduct H Shares repurchases by utilising the Share Repurchase Mandate and repurchase H shares in the open market from time to time by using the remainder of the HK$200 million limit for repurchasing H shares as announced in 19 October 2023, which is approximately HK$37 million.
On 19 October 2023, the Board of the Group decided to utilise the 2023 Share Repurchase Mandate passed at the 2022 annual general meeting of the Company held on 6 June 2023 and, it plans to repurchase H shares in the open market from time to time by using up to HK$200 million limit. As at 6 June 2023, the Company had used a total of HK$163,109,888.01 to repurchase 16,082,200 H shares. The H shares repurchased by the Company before 11 June 2024 (being the date on which the proposed amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited relating to treasury shares will come into effect) shall be cancelled in due course.
Pursuant to the 2023 annual general meeting of SF Intra-city held on 6 June 2024, the Board was granted the powers under the general mandate (the "Share Repurchase Mandate") to repurchase the H Shares. And the Board announced on 6 June 2024, to continue to conduct H shares repurchases by utilising the Share Repurchase Mandate and repurchase H shares in the open market from time to time by using the remainder of the HK$200 million limit for repurchasing H shares as announced in 19 October 2023, which the remainder is approximately HK$37 million.
The Proposed Share Repurchase is intended to be financed by the Group's own financial resources other than proceeds from the listing of the H Shares on the Main Board of The Stock Exchange of Hong Kong Limited in December 2021. The Group believes that the current financial resources of the Company would able to implement the Proposed Share Repurchase while maintaining a solid financial position.
The Group believes that a share repurchase in the present market conditions will demonstrate the Company's confidence in its own business outlook and prospects and would, ultimately, benefit the Group and create value for the shareholders.
SF Intra-city stated that the share repurchase demonstrates the Group's confidence in its business development and prospects, conveying a positive signal to the market and investors. It will enhance investors' understanding of the Company's potential to increase earnings per share and improve the attractiveness of the Group's financial indicators. This aims to deliver greater value and returns to its shareholders and investors.