The plan is intended to optimize the Company's capital structure, enhance earnings per share and overall shareholder return
The Company's Chairman and CEO and other management and investor interests have purchased additional shares on the open market
HONG KONG, Nov. 1, 2018 /PRNewswire/ -- China Renaissance Group ("China Renaissance" or the "Company") has begun implementing its recently announced share repurchase plan that authorizes up to HK$400,000,000 in funds for the repurchase, subject to applicable rules and regulations. Separately, Fan Bao, the Company's Chairman and Chief Executive Officer, and CR Partners, the Company's controlling shareholder which represents certain management interests, have purchased an additional 575,000 shares combined on the open market during the first three days of trading since commencement of the repurchase plan.
The Company's share repurchases commenced on 26 October shortly after the board ("Board") of directors announced its intention to exercise its power to repurchase shares of the Company ("Repurchase Mandate") on the open market from the date of the announcement to the conclusion of the Company's next annual general meeting, at which point the mandate will expire.
Also, one of China Renaissance's early investors has acquired additional shares on the open market.
In a statement filed with The Stock Exchange of Hong Kong, the Company said: "The Share Repurchase Plan reflects the confidence of the Board and the management team in the long-term strategy and growth of the Company. Moreover, the Company believes that actively managing the capital structure and implementing the Share Repurchase Plan will optimize the Company's capital structure, enhance earnings per share and overall shareholder return. The Board considers that the Share Repurchase Plan is in the best interest of the Company and its Shareholders as a whole."
About China Renaissance Group
China Renaissance Group ("CR Group") is a leading investment banking and investment management firm dedicated to China's New Economy businesses. The firm combines private placement advisory, M&A advisory, securities underwriting, research, sales and trading, investment management and other financial services. With operations and offices in mainland China, Hong Kong and the United States, CR Group operates a competitive and unique international network that connects China's capital markets with the rest of the world, serving New Economy entrepreneurs and investors globally. As of March 31, 2018, we had advised on approximately 700 transactions worth over US$100 billion since our inception, and we had AUM of approximately US$4.1 billion in New Economy investments.
China Renaissance Holdings Ltd (1911.HK), the holding company of CR Group, is listed on the Main Board of The Stock Exchange of Hong Kong.