Ningxia Building Materials opened limit down, trading at 13.95 yuan per share with a market cap of about 6.671 billion yuan. The company's actual controller China National Building Material Group and controlling shareholder China National Building Material Company plan to extend the fulfillment period for their commitment to resolve horizontal competition to within two years from the date the relevant proposal is approved by the shareholders' meeting. Meanwhile, the company launched a buyback plan, intending to spend 100 million to 200 million yuan to repurchase shares at a price cap of 19.47 yuan per share, with the repurchased shares to be cancelled. Previously, from July 22 to August 7, the company's share price had surged over 40 percent cumulatively, and on August 7, when it hit the daily limit up, the trading volume reached 492 million yuan.
Ningxia Building Materials Group Co LtdPlans buyback of 100-200 million yuan with cancellation, supporting share price.
