It is reported that Chongqing Changan Automobile plans to spend a maximum of HKD 610 million to conduct a share buyback of up to 270 million B shares at not more than HKD 3.76 per share.

The share buyback which is pending shareholder approval will not exceed 25.14% of the company's B share equity and 5.58% of total share capital.

The automaker said the transaction will not have a significant impact on its daily operations.

The share buyback program will be terminated once the funds used hits HKD 610 million or the number of shares repurchased totalled 269.86 million shares.

(Sourced from China Securities Journal)