中国联通完善回购股份管理办法 规范公司回购行为

Core Viewpoint - China Unicom has approved a new share repurchase management method to regulate its share repurchase activities and improve internal management systems [1]. Summary by Sections Share Repurchase Conditions and Scenarios - The new management method outlines six scenarios for share repurchase, including reducing registered capital, merging with other companies holding shares, and employee stock ownership plans. A necessary condition for repurchase is that the company's stock closing price must be below the latest net asset value per share. Additionally, the company must have no major legal violations in the past year, possess debt repayment and ongoing operational capabilities, and meet stock distribution requirements for listing [2]. Repurchase Methods and Funding Sources - China Unicom can use various methods for share repurchase, including centralized bidding, tender offers, or other methods recognized by the China Securities Regulatory Commission. When repurchasing shares with cash, the amount spent on repurchase will be considered as part of the cash dividend calculation for that year. Funding sources for the repurchase include self-owned funds, funds raised from issuing preferred stocks and bonds, and excess funds from issuing common stocks [3]. Repurchase Procedures and Information Disclosure - The company must create a feasible share repurchase plan, which requires approval from the shareholders' meeting or the board of directors based on different repurchase scenarios. After the board approves the repurchase plan, it must promptly disclose relevant resolutions, plans, and materials. The repurchase plan should include objectives, methods, total funding, sources, and implementation timelines. During the repurchase period, the company is required to disclose progress in a timely manner, and upon completion of the repurchase period or plan, it must cease repurchase activities and disclose the results [4].