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Weichai Power Co ( (HK:2338) ) has provided an update.
Weichai Power Co., Ltd. has announced the proposed repurchase and cancellation of a portion of restricted shares under its Restricted Share Incentive Scheme. This move involves repurchasing shares from incentive participants who are either resigning or being re-designated, totaling 1,890,000 shares. The company has allocated approximately RMB1,679,700 for this buyback, which will be financed through internal resources. Additionally, Weichai Power plans to amend its Articles of Association to reflect the change in registered capital following the completion of the share repurchase and cancellation. The registered capital will decrease from RMB8,726,556,821 to RMB8,715,671,296, and the number of issued shares will be adjusted accordingly. These proposals are subject to shareholder approval at the upcoming EGM and Class Meetings.
More about Weichai Power Co
Weichai Power Co., Ltd. is a joint stock limited company incorporated in the People’s Republic of China, operating in the power and automotive industries. It is focused on the manufacturing and distribution of powertrain systems, including engines, transmissions, and axles, and is positioned as a key player in heavy-duty machinery and transportation sectors.
YTD Price Performance: 7.57%
Average Trading Volume: 4,468
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $16.94B
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