Daqin Railway announced that Chairman Lu Yong has proposed the company use its own funds to repurchase shares through centralized bidding, with a repurchase amount of 400 million to 500 million yuan. The repurchased shares will be used to reduce registered capital. The upper limit of the repurchase price will not exceed 150 percent of the average trading price of the stock over the 30 trading days before the board approves the repurchase plan. The repurchase period will be within six months from the date the shareholders' meeting approves the plan. Lu Yong did not buy or sell company shares in the six months before the proposal and currently has no plans to increase or decrease holdings. This matter still requires approval from the board of directors and the shareholders' meeting, and there is uncertainty.
Daqin Railway Co LtdCompany plans to repurchase 400-500 million yuan of shares for capital reduction, which is typically viewed as positive for shareholders.