Huitongda Network (09878.HK) Plans H-Share Buyback with RMB500M Cap

NewTimeSpace · 2026/06/23 21:57 · By Zeyu Wu

Huitongda Network (9878.HK) announced that the Board intends to exercise the general mandate granted at the annual general meeting to repurchase H shares on the open market from time to time, with a total repurchase cap of RMB500 million and a maximum of 52,862,045 H shares (10% of issued H shares as at the authorization date); the repurchase period runs until the mandate expires (the earliest being 12 months from the resolution date or the conclusion of the 2026 AGM) or until early termination. Repurchased H shares will be cancelled or held as treasury shares. The Board will not exercise the mandate if it triggers a mandatory takeover offer or reduces public float below the required minimum. The Board believes the repurchase aligns with the interests of the Company and shareholders and reflects management's confidence in business prospects and long-term value.

Huitongda Network Co., Ltd. (9878.HK) announced on June 23, 2026, that reference is made to the Company's 2025 annual general meeting notice and circular dated April 29, 2026, and the poll results announcement of the annual general meeting dated May 22, 2026. Pursuant to the resolution passed at the annual general meeting held on May 22, 2026, the Board was granted a general mandate to repurchase H shares of the Company, with the number not exceeding 10% of the total number of issued H shares of the Company (excluding treasury shares) as at the date of passing the resolution (i.e., not exceeding 52,862,045 H shares). The H-share repurchase mandate shall expire on the earliest of: (a) the date falling twelve months from the date of passing the resolution at the annual general meeting; (b) the conclusion of the Company's 2026 annual general meeting; or (c) the date on which the mandate is revoked or varied by a special resolution passed at any general meeting.

The Board hereby announces that, based on confidence in the Company's future development prospects and recognition of the Company's long-term value, and in order to safeguard the interests of shareholders and enhance investor confidence, the Board or its authorized persons intend to exercise the H-share repurchase mandate to repurchase H shares from time to time on the open market according to market conditions, with the total repurchase amount not exceeding RMB500,000,000. The H-share repurchase period shall last until the expiry date of the H-share repurchase mandate, unless the total repurchase amount reaches the above cap or the Board or its authorized persons decide to terminate the repurchase plan early. The repurchased H shares will be cancelled or held as treasury shares.

The Company will conduct the H-share repurchase in compliance with the Company's articles of association, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Codes on Takeovers and Mergers and Share Buy-backs (the "Takeovers Code"), the Company Law of the People's Republic of China, and all other applicable laws and regulations that the Company must comply with.

If the exercise of the H-share repurchase mandate would result in a mandatory takeover obligation under Rule 26 of the Takeovers Code, or would cause the number of H shares held by public shareholders to fall below the specified minimum percentage required by The Stock Exchange of Hong Kong Limited, the Board or its authorized persons will not exercise the H-share repurchase mandate for such repurchase.

The Board believes that the H-share repurchase is in the best interests of the Company and its shareholders, and demonstrates the confidence of the Company and its management team in the future business prospects and long-term value of the Company. As a leading industrial internet company in China that empowers mom-and-pop stores in townships with AI technology and smart supply chain, the Company has continued to deepen the implementation of its "AI+ Strategy" since 2025, activating massive data assets in the下沉market, promoting the efficient of innovative supply chain models, and further expanding domestic demand and facilitating the domestic economic circulation.

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