Sungrow Power Supply: planned to buy back shares of 500 million to 1 billion yuan

China Economic Network, Beijing, September 13 - Sungrow Power Supply (300274. SZ) announced yesterday evening that it planned to use its own funds to buy back part of the company's RMB common A-share shares through centralized bidding transactions.

The announcement shows that the total amount of funds for this repurchase is not less than 500 million yuan (inclusive) and not more than 1 billion yuan (inclusive), the price of repurchased shares is not more than 150 yuan/share, and the implementation period of repurchased shares is 12 months from the date when the board of directors deliberates and approves the share repurchase plan; Under the condition that the price of repurchased shares does not exceed 150 yuan/share, the repurchased shares are about 3.33 million to 6.66 million shares, accounting for 0.22% to 0.45% of the total issued share capital of the company. The specific number of repurchased shares is subject to the number of shares actually repurchased at the expiration of the repurchase period.

The capital source of this share repurchase is the company's own funds, which will be used to implement employee stock ownership plans or equity incentive plans for some core and key employees of the company in the later period.

As of June 30, 2023 (unaudited), the total assets of the company are 72.684 billion yuan, the net assets attributable to shareholders of the listed company are 23.209 billion yuan, the current assets are 61 billion yuan, and the net profit attributable to shareholders of the listed company from January to June 2023 is 4.354 billion yuan. Assuming that this repurchase is calculated by the upper limit of the total amount of repurchase funds, and based on the unaudited financial data on June 30, 2023, the repurchase funds account for 1.38% of the company's total assets, 4.31% of the company's net assets attributable to shareholders of the listed company, and 1.64% of the company's current assets, all of which account for a small proportion.

The company said that this share repurchase is used to implement the employee stock ownership plan or equity incentive plan, which will further improve the long-term incentive mechanism of the company, fully mobilize the work enthusiasm of the company's core and backbone employees, promote the long-term, sustainable and healthy development of the company, safeguard the legitimate rights and interests of investors, and enhance investors' confidence in the company. After the implementation of this repurchase, it will not lead to the change of the company's control rights, nor will it change the company's status as a listed company. The equity distribution is still in line with the conditions of a listed company.

key word: Solar power supply