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China Literature To Repurchase Shares Worth Millions


China Literature Limited (“China Literature” or “the Company”) (Stock Code: 0772.HK), a leading online literature platform in China, today announced that its board of directors (the “Board”) has authorized a share buy-back program under which the Company may buy-back up to HK$500 million of its shares over a 6-month period, effective until December 9, 2019.

The proposed purchases will be subject to market conditions and will be at the Board’s absolute discretion. Any exercise of the share buy-back will be in accordance with the articles of association of the Company, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and any other applicable rules and regulations. There is no assurance of the timing, quantity or price of any buy-back of shares. The Company plans to fund the buy-back from its existing cash balance and future cash flows of its business. All the shares bought-back by the Company will be cancelled.

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Ivy Heffernan, student of Economics at Buckingham University. Junior Analyst at HeffX and experienced marketing director.