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Guangdong HEC Technology Receives Proposal to Repurchase Up to 600 Million Yuan of Shares; Shares Rise 10%

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Guangdong HEC Technology (SHA:600673) received a proposal from controlling shareholder Shenzhen Dongyangguang Industrial Development to buy back between 300 million yuan and 600 million yuan of shares, according to a Friday disclosure to the Shanghai Stock Exchange.

The shares will be bought back at up to 150% of the average trading price of Guangdong HEC Tech's shares in the 30 trading days prior to the board resolution approving the share buyback, the company said in its filing.

Shares rose 10% during the midday break on Friday.

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