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Huaan Securities' Chairman Proposes Share Buyback After Shares Drop 20%

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Huaan Securities' (SHA:600909) Chairman Zhang Hongtao proposed to repurchase the company's shares to protect shareholders' interests after shares dropped over 20% for 13 consecutive trading days, according to a Shanghai bourse filing on Monday.

The closing price of the securities company's shares dipped 26.5% between July 1 and July 17.

Between 100 million yuan and 200 million yuan worth of shares will be bought back within three months after the board of directors' approval.

The company's shares slipped 1% at the close.

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