Biwei Storage: Controlling Shareholder Proposes to Repurchase 200 Million to 250 Million RMB in A-Share Stock for Cancellation and Capital Reduction

36Kr reports that Biwei Storage announced its controlling shareholder, actual controller, and chairman Sun Chengsi proposed that the company repurchase a portion of its A-share stock using self-raised funds via centralized bidding transactions. The total repurchase amount will range from 200 million to 250 million RMB, with all repurchased shares intended for cancellation to reduce registered capital. The maximum repurchase price will not exceed 150% of the average trading price of the stock over the 30 trading days preceding the board's resolution on the repurchase plan, and the repurchase period will be within 12 months from the date of shareholder meeting approval.