China Hongbao Holdings Limited commences an Equity Buyback for 80,000,000 shares, representing 10% of its issued share capital, under the authorization approved on September 16, 2022.

China Hongbao Holdings Limited (SEHK:8316) commences share repurchases on January 16, 2023, under the program mandated by the shareholders in the Annual General Meeting held on September 16, 2022. As per the mandate, the company is authorized to repurchase up to 80,000,000 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company.

The repurchases will be made from funds legally available for the purpose in accordance with the Articles of Association, the memorandum of association of the Company, the GEM Listing Rules and the applicable laws and regulations of the Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of July 29, 2022, the company had 800,000,000 shares in issue.