TAIPEI - Foxconn (SS:601138) Industrial Internet Co., Ltd., a subsidiary of Hon Hai (TW:2317) Precision Industry Co Ltd, has completed a share repurchase on Monday, involving a total of 2,246,900 shares through the centralized bidding system of the Shanghai Stock Exchange. The transaction represents a minor 0.01% of the company's total share capital.
The repurchase was executed at prices ranging from RMB 22.05 to RMB 22.55 per share, resulting in a total expenditure of approximately RMB 49.99 million, exclusive of associated transaction costs. The company confirmed that no countermeasures are required and indicated that there are no additional matters to specify which could significantly impact shareholder rights or the securities' price.
Foxconn Industrial Internet's move to buy back shares is a financial decision disclosed in compliance with market regulations. The repurchase activity took place directly on the Shanghai Stock Exchange, where the company's shares are publicly traded.
The share repurchase by the subsidiary is part of normal stock market operations and does not indicate any unusual market activity or changes in the company's strategic direction. The action is also in line with regulatory requirements for information disclosure as per the Securities and Exchange Act Enforcement Rules.
This news is based on a press release statement and provides an account of the events without additional commentary or speculation. The share repurchase is a common practice among publicly traded companies, allowing them to return value to shareholders and potentially stabilize or increase the value of remaining shares.
Foxconn Industrial Internet, holding a significant 84.06% reciprocal shareholding ratio with its parent company, Hon Hai Precision Industry Co Ltd, is a key player in the tech manufacturing industry. The financial maneuvering by the subsidiary is a routine part of managing its capital structure and market presence.
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