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WuXi AppTec Gets Board Nod for Up to 1 Billion Yuan Share Buyback

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WuXi AppTec (HKG:2359, SHA:603259) received board approval on Tuesday for a proposed buyback of its A shares worth up to 1 billion yuan, according to a same-day disclosure to the Hong Kong stock exchange.

The pharmaceutical contract research, development, and manufacturing organization plans to use its self-owned funds to repurchase shares for an employee stock ownership plan, aiming to strengthen its long-term incentive mechanism and retain key talent.

The price for the share repurchase will be up to 156.95 yuan per share, the statement said.

The number of A Shares to be repurchased is estimated at around 6.4 million A Shares, representing approximately 0.21% of the company's total issued share capital.

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