Grand Kangxi Communication Technologies (688653.SH) major shareholder and chairman proposed to use 20-40 million yuan to repurchase shares.

Grand Kangxi Communication Technologies (688653.SH) announcement, the controlling shareholder, chairman, and general manager PING PENG proposed that the company use its own funds to repurchase some of the company's issued Renminbi common stock (A shares) through the Shanghai Stock Exchange trading system in a centralized auction trading manner. The total amount of funds for repurchasing shares shall not be less than RMB 20 million (inclusive) and not more than RMB 40 million (inclusive). The upper limit of the repurchase share price shall not exceed 150% of the average trading price of the company's stock for the 30 trading days before the board of directors reviewed and approved the repurchase plan. The repurchase period shall not exceed 3 months from the date of the final approval of the repurchase plan by the board of directors.