BRIEF: Midea buys back 550 million yuan of A-shares in April

Home appliance manufacturer Midea Group Co. Ltd. (0300.HK, 000333.SZ) said on Tuesday that it spent around 554 million yuan ($76 million) to repurchase 7.74 million of its Shenzhen-listed A-shares in April, representing 0.1% of its total outstanding shares. It purchased the stock at prices ranging from 69.5 yuan to 75.02 yuan each.

Midea unveiled its A-share buyback plan on April 9 this year, authorizing repurchases of up to 3 billion yuan of its Shenzhen-listed stock at prices not exceeding 100 yuan per share, to be executed within one year. The company said the repurchased shares would be used for equity incentive and employee stock ownership plans.

Midea’s Hong Kong-listed shares opened down 2.5% at HK$73 on Tuesday, but pared the losses and were down 0.3% in the afternoon. The shares are relatively unchanged since the company’s Hong Kong IPO last October.

By Lau Chi Hang

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