Pan China Holdings Group plans to expand its repurchase scale to $40 million, and the board, supervisors, and senior executives announce plans to increase their holdings of stocks
芊芊551
发表于 2024-7-5 19:06:15
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On July 5th, China Securities Network reported that Pan China Holdings Group announced that its board of directors authorized an increase of $20 million in stock repurchase quotas, increasing the company's total stock repurchase plan to $40 million, with repurchase funds coming from the company's existing cash reserves.
According to the announcement, since Pan China announced its repurchase plan in December 2022, as of June 30, 2024, the company has cumulatively repurchased 726600 shares of ADS, with a total repurchase amount of approximately 5.38 million US dollars. The expansion of the repurchase plan aims to give back to shareholders and also demonstrates the company's confidence in its future development prospects.
At the same time, the management of Pan China and some independent directors announced that they will increase their holdings of company stocks. Pan China founder and CEO Hu Yinan, CFO Ge Peng, Chief Strategy Officer Lin Chuangbin, and independent director and audit committee chairman Allen Lueth plan to increase their holdings of up to $5 million worth of common stock in the company with their own funds in the next year.
Hu Yinan, founder and CEO of Pan China, said, "This expansion of the repurchase quota fully demonstrates the board's confidence in the company's future and high importance placed on shareholder value. We firmly believe that the company's current stock price is seriously undervalued. The current stock price is far below the company's net cash value and net asset value, and does not reflect the company's long-term development value."
"Although the implementation of the policy of integrating reporting and banking has had a huge impact on the insurance intermediary industry since the second quarter, leading to short-term fluctuations in the company's stock price, we believe that the market is gradually adapting to and digesting these changes, and a new balance is forming. We still have confidence in the prospects of China's insurance industry, and insurance assets as defensive assets will continue to grow. As an independent third party, insurance intermediaries have unique advantages and are an indispensable and important sales channel for both insurance companies and consumers. In the future, the deep application of technology, especially in the field of artificial intelligence, will help the insurance industry reduce acquisition costs, improve efficiency, and become a strong driving force for industry development." Hu Yinan said, "The core management team and directors of Pan China have chosen to invest in Pan China with their own funds, which not only demonstrates our firm belief in the company's future development prospects, but also reflects our firm determination to promote sustained and stable growth. We have full confidence in the company's strategic direction and are committed to creating long-term value for shareholders." (Zhou Liang)
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