JAC announced today the progress of its first share buyback. Yesterday, the company repurchased 305,000 shares for the first time, accounting for 0.02% of the company's total share capital. The highest price was 5.19 yuan per share, the lowest price was 5.15 yuan per share, and the total amount paid was 1.587 million yuan.
According to the repurchase guidelines, a listed company may not start buying back shares until it announces a repurchase report. Jianghuai Automobile announced the repurchase report on the 6th, and on the same day, the company made its first repurchase. This is the first auto listed company that announced the repurchase and implementation.
On August 30, 2012, JAC's share price once fell to RMB 4.3/share, falling below the company's net assets. The company’s management believes that the stock price was too low at that time and was far lower than the company’s value, and it immediately launched a buyback program. Since the announcement of the company's repurchase program on September 14, as of yesterday's closing price of 5.26 yuan / share, the company's stock price rose up to 14.35%, during which time the company's stock price was soared to 5.6 yuan / share.
The reporter learned that the first repurchase is only the beginning. Within the validity period of a one-year repurchase, the company will use no more than 300 million yuan in fund repurchase according to market conditions.
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