Shanghai TopNC (07688.HK): Authorized to Repurchase Up to 38.13 Million H Shares; Proposes On-Market Buyback Capped at HK$300 Million

NewTimeSpace · 2026/07/30 21:56 · By Xuran Lin

NewTimeSpace News: Shanghai TopNC announced that its board, authorized by shareholders at the 29 July 2026 EGM to repurchase up to 38.13 million H shares (10% of issued H shares), proposes to conduct on-market buybacks capped at HK$300 million using internal resources rather than IPO proceeds; the board views this as a demonstration of confidence in the company's business outlook, with repurchased shares to be cancelled or held in treasury while maintaining the required public float.

NewTimeSpace News: Shanghai TopNumerical Control Technology Co., Ltd. (stock code: 7688) issued a voluntary announcement regarding a proposed on-market share repurchase.

According to the announcement, pursuant to a special resolution passed at the extraordinary general meeting of the company held on 29 July 2026, the board has been granted a general mandate (the "H Share Repurchase Mandate") to repurchase up to 38,127,240 H shares, representing 10% of the total issued H shares as at the date of the EGM. The board announced that the company proposes to exercise the H Share Repurchase Mandate under appropriate market conditions to repurchase its issued H shares on the open market, with an aggregate repurchase consideration not exceeding HK$300 million (the "Proposed H Share Repurchase").

The company will conduct the Proposed H Share Repurchase in accordance with the Listing Rules, the company's existing articles of association, the Codes on Takeovers and Mergers and Share Buy-backs, the PRC Company Law, and all applicable laws and regulations. The company intends to fund the Proposed H Share Repurchase using its internal resources and will not utilise the proceeds from the H share IPO on the Main Board of the Stock Exchange.

The board believes that the Proposed H Share Repurchase under current circumstances will demonstrate the company's confidence in its own business outlook and prospects, ultimately enhancing the company's value and safeguarding shareholders' interests. The company will only proceed with the Proposed H Share Repurchase when the board considers it appropriate and in the best interests of the company and its shareholders as a whole. The board is also confident that the company's current internal resources will enable it to maintain the group's sound financial position while implementing the Proposed H Share Repurchase.

The company will subsequently cancel and/or hold the repurchased H shares in treasury as the board considers appropriate. The Proposed H Share Repurchase will not result in the number of H shares held by the public falling below the relevant minimum percentage required under the Listing Rules. The implementation of the Proposed H Share Repurchase by the board pursuant to the H Share Repurchase Mandate is subject to market conditions and will be at the board's sole discretion; no assurance is given as to the timing, quantity, or price of any repurchase.

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Shanghai TopNC 07688.HK