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TAIPEI - Foxconn (SS:601138) Industrial Internet Co., Ltd., a subsidiary of Hon Hai (TW:2317) Precision Industry Co Ltd, has repurchased a portion of its shares through the centralized bidding system of the Shanghai Stock Exchange on Friday. The transaction involved the buyback of 2,497,500 shares, representing 0.01% of the company’s total share capital.
The shares were repurchased at prices ranging from RMB 18.96 to RMB 19.25 per share, amounting to a total expenditure of RMB 47,878,027, excluding additional transaction costs. Foxconn Industrial Internet’s move to repurchase its shares comes as part of its corporate strategy, although no specific countermeasures or reasons for the buyback were disclosed in the announcement.
The share repurchase does not appear to have any significant impact on shareholder rights or the security prices of public companies as per the disclosure requirements stated in Article 7, subparagraph 9 of the Securities and Exchange Act Enforcement Rules. The company holds an 84.10% reciprocal shareholding ratio with its parent company, Hon Hai Precision Industry Co Ltd, also known as Foxconn Technology Group.
The share repurchase initiative by Foxconn Industrial Internet reflects a common practice among listed companies to buy back shares, which can potentially signal confidence in the company’s value or be used to return capital to shareholders. The information about this financial move is based on a press release statement issued by the company.
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