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Espressif Systems' Chairman Proposes Up to 100 Million Yuan Buyback; Shares Surge 11%

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Espressif Systems (Shanghai) (SHA:688018) controlling shareholder, actual controller and chairman, Teo Swee Ann, proposed a share repurchase program ranging from 50 million yuan to 100 million yuan.

The proposed buyback of shares at 121.28 yuan apiece will be carried out through centralized bidding transactions, according to a Shanghai bourse filing on Friday.

The repurchased shares will be used for employee stock ownership or equity incentive plans.

The semiconductor company's shares jumped nearly 12% in late-afternoon trade.

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