Meituan-W plans to repurchase Class B common shares with a total amount not exceeding USD 1 billion
Meituan-W announced that it will repurchase Class B common shares with a total amount not exceeding USD 1 billion based on the authorization of the shareholders' meeting. The board also plans to cancel the existing 115.8 million treasury shares of the company, believing that this move can demonstrate the company's confidence in the future and create value for shareholders. At the same time, the company stated that its financial resources are sufficient to support this share repurchase plan
According to the announcement from Meituan-W (03690) on Zhitong Finance APP, the board of directors has resolved that, based on the general share repurchase authorization approved by the company's shareholders at the annual general meeting held on June 14, 2024, and any subsequent general share repurchase authorization that may be renewed or updated from time to time by the shareholders (if applicable), the company may repurchase Class B ordinary shares not exceeding a total amount of USD 1 billion on the open market. The board of directors has also decided that the 1.158 billion treasury shares held by the company as of the date of this announcement will be cancelled in due course.
The company believes that the share repurchase demonstrates confidence in its business outlook and prospects, and will ultimately benefit the company and create value for shareholders. The board of directors believes that the company's existing financial resources are sufficient to support the share repurchase while maintaining a sound financial position