On August 26, Ping An Insurance (Group) Co., Ltd. of China (hereinafter referred to as Ping An of China) held a board of directors to review and approve the relevant resolutions of the A-share recovery plan.
It is reported that Ping An intends to use its own funds of RMB 5 billion to RMB 10 billion to repurchase A shares at a repurchase price of no more than RMB 82.56 per share.
The A shares repurchased this time will all be used in the company’s employee stock ownership plan, including but not limited to the long-term service plan that has been reviewed and approved by the company’s general meeting of shareholders. The repurchase period is no more than 12 months from the date when the repurchase plan is approved by the board of directors.
In addition, executive directors Ma Mingzhe, Xie Yonglin, Chen Xinying, and Cai Fangfang, employee representative supervisors Sun Jianyi and Wang Zhiliang, and senior executives Chen Kexiang, Huang Baoxin, Zhang Xiaolu, and Hu Jianfeng all have plans to increase their holdings in Ping An during the repurchase period. The remaining “directors, supervisors, and senior executives” do not have plans to reduce their shareholdings in the company.
Ping An of China stated that based on the company’s confidence in the company’s sustainable development and recognition of its inherent investment value, in order to protect the interests of investors, it will further establish and improve the company’s long-term incentive mechanism, create long-term and sustainable value for shareholders, and comprehensively consider the company. The recent performance of the secondary stock market, combined with the company’s operating conditions, financial status and future profitability and other factors, the company intends to repurchase A shares in accordance with this repurchase plan.
If the upper limit of RMB 10 billion of funds for this repurchase is all used up, according to Ping An’s financial data as of December 31, 2020, the funds consumed in this repurchase will account for approximately Ping An’s totalassetsRatio of 0.10%, accounting for approximately the net attributable to shareholdersassetsThe ratio is 1.31%.
Ping An of China stated that the repurchase will not operate on the companyActivity, Profitability, financial status, research and development capabilities, debt fulfillment capabilities and future development have a significant adverse impact.
Written by: Southern Metropolis reporter Xu ShuangReturn to Sohu to see more
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