Lucas GC Limited Announces Status of US$6 Million Share Repurchase Program

Core Viewpoint - Lucas GC Limited has initiated a share repurchase program, purchasing a total of 96,243 ordinary shares at an average price of US$1.2189, totaling US$117,312.53, as part of its strategy to enhance shareholder value [1][2][3]. Share Repurchase Program - The board of directors authorized a share repurchase program allowing the company to buy back up to US$6 million of its ordinary shares, equivalent to the gross proceeds from its initial public offering in March 2024 [2]. - The repurchase transactions occurred between October 29, 2024, and November 7, 2024, with detailed transactions showing varying numbers of shares purchased at different average prices [3]. Financial Performance and Growth - For the six months ending June 30, 2024, the company reported a gross margin of 33.54%, an increase of 516 basis points compared to the same period in 2023, attributed to a strategic shift towards positioning as a technology company [4]. - The active registered user base reached 702,060 by June 2024, reflecting a 10% growth in the first half of 2024 compared to December 2023, indicating strong potential for future revenue growth [4]. - The company has secured two significant patents in 2024, enhancing its technological leadership in AI applications across various sectors, including human resources, insurance, and wealth management [4]. Strategic Initiatives - Lucas has signed two strategic agreements with publicly traded financial institutions to integrate its AI technology into the wealth management sector, expanding its total addressable markets (TAMs) [4]. - The company is collaborating with a leading AI firm listed on the Hong Kong Stock Exchange to develop AI training courses, further solidifying its market position [4]. Company Overview - Lucas GC Limited holds 18 granted patents in the U.S. and China, along with over 74 registered software copyrights in AI, data analytics, and blockchain technologies, positioning itself as a significant player in the AI-driven Platform-as-a-Service (PaaS) market [5].