GEEKPLUS-W (02590) intends to repurchase company shares.

GEEKPLUS-W (02590) announces that the board of directors has approved a plan to repurchase H shares on the open market with a total value not exceeding HK$2 billion within a period of 24 months from the date of this announcement. However, this repurchase is subject to restrictions based on the general authorization granted or to be granted by the shareholders at each annual general meeting of the company to repurchase up to 10% of the total number of issued shares (excluding any treasury shares) of H shares as of the date of the shareholders' annual general meeting. Each authorization will expire on the earlier of: (a) the end of the company's next annual general meeting of shareholders; or (b) the date on which the shareholders pass a special resolution to revoke or amend the repurchase authorization. The board believes that the share repurchase at the present time demonstrates the company's confidence in its business outlook and prospects, and will ultimately benefit the company and create value for shareholders. Additionally, the board believes that the company's existing financial resources are sufficient to support the proposed share repurchase while maintaining a strong financial position.