- CATL bought back RMB 254 million of its shares today, the first of its latest share buyback program.
- CATL shares have been down about 9 percent so far this year.
CATL (SHE: 300750) has carried out a share buyback in China's A-share market to bolster its stock price.
The company bought back 1,075,275 shares, or 0.0244 percent of its current total share capital, in centralized bidding transactions today, according to an exchange announcement.
The buyback traded at a high of RMB 237.38 ($32.57) per share and a low of RMB 236.01 per share for a total transaction amount of RMB 254 million.
This is CATL's first transaction in its latest buyback program, according to its announcement.
CATL announced its share buyback program on April 7, saying at the time that it planned to repurchase shares for between RMB 4 billion and RMB 8 billion.
The buyback would be made at a price no higher than 150 percent of the average price at which its shares traded over the previous 30 trading days, capped at RMB 392.32 per share.
The plan implies that the number of shares to be repurchased is expected to range from 10,195,759 to 20,391,517, representing 0.23 percent to 0.46 percent of its total share capital.
Notably, this is not CATL's first share buyback.
The company announced on October 31, 2023 a plan to buy back shares for RMB 2 billion to RMB 3 billion, with a price cap of RMB 294.45 per share.
On November 17, 2023, CATL carried out the first buyback in the previous round of share repurchase program when the transaction amount was RMB 188 million.
As of October 30, 2024, CATL had repurchased a total of 15,991,524 shares during the 12-month validity period, with a total transaction amount of RMB 2.71 billion, according to a previous exchange announcement.
So far this year, CATL shares are down about 9 percent.
The company is moving forward with a listing in Hong Kong, which has been approved by the Chinese mainland's securities regulator.
($1 = RMB 7.2883)
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