YPH(SZ:000088) Xin Lang Zheng Quan·2025-12-25 10:25Core Viewpoint - Shenzhen Yantian Port Co., Ltd. has released a share repurchase management system aimed at regulating share repurchase behavior, promoting standardized operations, and protecting investors' legal rights [1] Group 1: Background and Objectives of the System - The system is designed to adapt to capital market development requirements and improve the company's share repurchase mechanism, ensuring that repurchase actions are legal and compliant [2] - The company must ensure that share repurchases benefit sustainable development and do not harm the legal rights of shareholders and creditors [2] Group 2: Applicable Situations and Trigger Conditions for Repurchase - The system specifies four situations where share repurchases are applicable: reducing registered capital, employee stock ownership plans or equity incentives, converting convertible bonds, and necessary actions to maintain company value and shareholder rights [3] - Conditions for maintaining company value include: stock closing price below the latest net asset value per share, cumulative decline of 20% over 20 trading days, stock closing price below 50% of the highest closing price in the past year, or other conditions set by the China Securities Regulatory Commission [3] Group 3: Implementation Conditions, Methods, and Funding Sources - Basic conditions for share repurchase include no major legal violations in the past year, maintaining operational and debt repayment capabilities, and compliance with stock distribution requirements [4] - The company can repurchase shares through centralized bidding or tender offer methods, with specific regulations for different repurchase situations [5] - Funding sources for repurchase can include self-owned funds, funds raised from issuing preferred shares or bonds, surplus funds from fundraising projects, and other legal funds [6] Group 4: Decision-Making Procedures and Information Disclosure Requirements - The decision-making process for share repurchase varies by situation, requiring shareholder resolutions or board resolutions with specific voting thresholds [7] - The company must disclose the repurchase plan and progress in a timely manner, including reasons for any delays in implementation [8][9] Group 5: Handling of Repurchased Shares and Daily Supervision - The handling of repurchased shares varies by situation, with specific requirements for cancellation or transfer within set timeframes [10] - The system emphasizes insider information management, prohibiting insider trading and requiring disclosure of insider information personnel [11] Group 6: Significance of the System and Market Impact - The introduction of the share repurchase management system enhances corporate governance and provides clear operational guidelines for future repurchases [12] - The strict regulations on repurchase conditions and procedures are expected to protect minority investors' rights and boost market confidence in the company [12]