Shanghai Industrial Urban Development Group Limited commences an Equity Buyback Plan for 479,148,319 shares, representing 10% of its issued share capital, under the authorization approved on May 22, 2023.

Shanghai Industrial Urban Development Group Limited (SEHK:563) commences share repurchases on December 29, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 22, 2023. As per the mandate, the company is authorized to repurchase up to 479,148,319 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 out of the funds legally available for such purpose in accordance with its Bye-Laws and the applicable laws of Bermuda and/or any other applicable laws. 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 May 22, 2023, the company had 4,791,483,189 shares in issue.