YANGZHOU: Meihua International Medical Technologies (MHUA), a reputable manufacturer and provider of Class I, II and III disposable medical devices with operating subsidiaries in China, announced that its board of directors has approved and authorised a share repurchase program of up to US$3 million of the company’s outstanding ordinary shares with the intention to cancel all shares repurchased pursuant to this Share Repurchase Programme.
The ordinary shares may be repurchased from time to time through open market purchases or privately negotiated transactions at prevailing prices, in accordance with securities laws and other legal requirements, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy, and subject to market conditions and other factors.
“With ongoing efforts to innovate, expand our premium product offerings, and enhance operational efficiency through optimised production processes and the application of AI, we continue to strengthen our business model and generate significant cash flow, which enables us to invest for the long term,” said Meihua CEO, Xin “Steven” Wang.
“This Share Repurchase Programme including the planned cancellation of repurchased shares not only underscores our confidence in Meihua’s future growth but also demonstrates our commitment to enhancing shareholder value through concrete actions,” he added.
However, the adoption of this Share Repurchase Programme does not obligate the company to acquire any specific amount of ordinary shares and it may be suspended or discontinued at any time by the board.
The company expects to implement the Share Repurchase Program and a corresponding 10b5-1 plan following the filing of its Semi-Annual Report on Form 6-K for the period ending 30 June 2024.
