Youzong Network is dissatisfied with the low share price and plans to buy back at least 300 million yuan within one year.

on the evening of December 5, Youzong issued a notice saying that the company's share price did not reflect the company's value, so it decided to buy back the shares.

according to Wind data, the share price of Youkuang.com has continued to decline since the second half of this year. On June 30, Youzong's closing price was still 31.76 yuan per share, while as of the day the buyback announcement was released on December 5, the company's share price closed at 20.8 yuan per share, a decline of 34.5 percent in less than half a year.

in terms of performance, in the first three quarters of 2017, the net profit attributed to shareholders of listed companies was 459 million yuan, an increase of 27.29% over the same period last year.

in fact, in order to boost confidence, Youku Network has taken action on November 21, announcing that Lin Qi, the company's controlling shareholder, actual controller and chairman, plans to increase the number of shares in the company in the next 12 months. The cumulative number of shares in the company is not less than 5 million shares, not more than 2% of the company's total share capital at that time.

soon after that, the Ranger Network sounds again. The company said that in view of the recent large fluctuations in the stock market, the company believes that the current stock price can not correctly reflect the value of the company, can not reasonably reflect the actual operating conditions of the company. In order to safeguard the interests of the majority of shareholders and enhance the confidence of investors, and based on the confidence in the future development prospects of the company and the high recognition of the value of the company, the company held the 36th meeting of the fourth session of the board of directors on December 5, 2017. the proposal to buy back the shares of the company has been deliberated and passed, and the independent directors have expressed their agreed independent opinions.

specifically, the Rounder Network intends to use its own funds of 300 million yuan to 500 million yuan to buy back the company's shares through centralized bidding trading on the stock exchange and other ways approved by the CSRC. The buyback period is within 12 months from the date of examination and approval at the shareholders' meeting.

and the price of the buyback shares of the Youku network is proposed to be no more than 30 yuan per share (including 30 yuan per share). In the case of a full repurchase, it is estimated that 10 million to 16.67 million shares can be repurchased, accounting for not less than 1.16% of the total issued share capital of the Company.

Shen Meng, executive director of Xiangsong Capital, said in an interview with reporters that share buybacks are not common in A shares, and unless the shares are bought back for employee incentive, they will have to be cancelled in accordance with the Company Law, and the procedures are troublesome.

Edit: mary