XD Inc. Launches HK\$400 Million Automatic Share Buy-back Program with Special Waiver
Key Highlights
- XD Inc. has entered into a significant agreement with an independent broker to implement an Automatic Share Buy-back Program, targeting up to HK\$400 million in share repurchases.
- The program will run from June 12, 2026, to November 11, 2026, unless terminated earlier if the buy-back amount reaches the HK\$400 million cap.
- The buy-back will be executed by the broker, who will operate independently and is not a connected person of the company.
- XD Inc. received a waiver from the Hong Kong Stock Exchange, allowing the buy-back program to operate during the typically restricted periods before the company’s interim results announcement, a move not usually permitted under Listing Rule 10.06(2)(e).
- All shares repurchased will be cancelled, and the program is designed to avoid triggering a mandatory offer under the Takeovers Code.
Important Details for Shareholders
- Non-Discretionary and Transparent Structure: The Automatic Share Buy-back Program is non-discretionary for XD Inc.—meaning the company itself cannot intervene in the broker’s buy-back decisions. All buy-backs will follow pre-set parameters, ensuring transparency and reducing the risk of trading on undisclosed inside information.
- Chinese Walls and Information Barriers: Strict measures are in place to ensure no inside information is passed between XD Inc. and the broker’s personnel involved in the buy-back.
- Disclosure Requirements: XD Inc. will report each share buy-back through next day disclosure returns, ensuring ongoing transparency for investors.
- Waiver and Regulatory Compliance: The company’s waiver from strict compliance with Listing Rule 10.06(2)(e) is notable, as it allows the program to continue through periods when buy-backs are usually restricted—often periods of heightened investor sensitivity. This may maximize the company’s ability to repurchase shares at potentially attractive prices.
- Potential Share Price Impact: The program may support the share price by creating additional demand in the market and sending a positive signal regarding management’s view of intrinsic value. However, buy-backs are subject to market conditions and the broker’s discretion within the set parameters.
- General Mandate: The buy-back will primarily utilize the general mandate granted at the 2026 AGM. If the broker requests an extension, a new mandate will require shareholder approval at an EGM.
Risks, Implications, and Strategic Rationale
- The board considers the buy-back program to be in the best interests of the company and shareholders.
- If the program were suspended or terminated during the restricted period, it could create market speculation about potential inside information, which could adversely impact the share price.
- The buy-back will not be conducted to an extent that would trigger a mandatory offer obligation under the Takeovers Code.
- Shareholders and potential investors are advised to exercise caution, as the amount and timing of buy-backs will depend on prevailing market conditions and broker discretion.
Summary
XD Inc.’s HK\$400 million Automatic Share Buy-back Program, coupled with the rare waiver to operate during restricted periods, marks a material development that could influence the company’s share price. The robust parameters and disclosure commitments are designed to mitigate risks of insider trading and price manipulation, while potentially supporting the share value and optimizing capital allocation.
Board and Governance
As of the date of this announcement, the Board comprises Mr. HUANG Yimeng (Chairman and CEO), Mr. DAI Yunjie, and Mr. FAN Shuyang as executive Directors; Mr. WU Meng as non-executive Director; and Mr. PEI Dapeng, Mr. XIN Quandong, and Ms. LIU Qianli as independent non-executive Directors.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Shareholders and potential investors should conduct their own research and consult professional advisors before making any investment decisions. The share buy-back program is subject to market risks, regulatory compliance, and broker discretion.
XD Inc. 公佈高達4億港元自動股份回購計劃 獲特別豁免可於限制期間執行
重點摘要
- XD Inc.（心動公司）已與一間獨立券商簽訂協議，實施自動股份回購計劃，目標回購金額高達4億港元。
- 回購期由2026年6月12日開始，至2026年11月11日為止，如提前用盡4億港元額度則可提前終止。
- 回購將由券商獨立執行，券商並非公司關連人士。
- 公司已獲聯交所豁免，可於通常受限制的業績公佈前敏感期（Listing Rule 10.06(2)(e)）內持續回購股份。
- 所有回購股份將會註銷，計劃設計避免觸發收購守則下的強制要約義務。
對股東重要資訊
- 非酌情及透明運作： 回購計劃屬非酌情機制，公司不能干預券商回購決定，所有回購均依預設參數執行，確保透明度，減少內幕交易風險。
- 信息隔離： 公司及券商將設立「中式牆」，嚴禁內幕信息流通予執行回購的券商人員。
- 信息披露： 每次股份回購將按規定即日申報，保障投資者知情權。
- 豁免及規管： 此次獲豁免於限制期內回購股份，屬少有安排，讓公司可在潛在低價時提升回購機動性。
- 潛在股價影響： 回購行動可增加市場買盤，反映管理層對公司價值有信心，有利支持股價；但回購數量與時機取決於市況及券商酌情。
- 一般授權： 本次回購主要依據2026年股東周年大會授予之一般授權。如需延長時限，需於臨時股東大會再獲新授權。
風險、影響及策略考慮
- 董事會認為推行自動股份回購計劃符合公司及全體股東最佳利益。
- 如於敏感期間暫停或終止計劃，或會引起市場對潛在內幕消息的揣測，帶來股價壓力。
- 回購不會觸發收購守則下的強制要約。
- 股東及潛在投資者應謹慎行事，因回購數量及時機將受市況及券商酌情影響。
總結
XD Inc. 推出的4億港元自動股份回購計劃，加上獲准於限制期間執行，屬重大消息，有潛力影響公司股價。計劃設有嚴格監管及披露措施，有助減少內幕交易及價格操控風險，同時或可支持股份價值。
董事會及公司管治
截至本公告日期，董事會成員包括：黃一孟先生（主席兼行政總裁）、戴雲杰先生、范書陽先生（執行董事）；吳萌先生（非執行董事）；裴大鵬先生、辛全棟先生及劉倩麗女士（獨立非執行董事）。
免責聲明
本文章內容僅供參考，並不構成任何投資建議。股東及潛在投資者作出任何投資決定前，應自行研究及諮詢專業顧問。股份回購計劃受市況、監管及券商酌情決定等風險影響。
