Feb 24, 2021 05:48 PM

Home Appliance Giant Midea Announces Multi-Million Share Buyback Plan

What’s new: Shenzhen-listed home-appliance maker Midea Group Co. Ltd. plans to buy back up to 100 million of its shares at a price up to 140 yuan ($21.70) each, it said in a Wednesday filing (link in Chinese) to the Shenzhen Stock Exchange.

Midea said that the shares are set to be used for the company’s staff incentive program.

The appliance-maker said that publicly held shares of Midea will still account for over 10% of the total after the plan is completed.

The background: If completed, this will be the third year Midea has bought back stock for its staff equity program. In February 2020, the company announced that it would buy back shares, and in October it ended up buying nearly 42 million shares for about 2.7 billion yuan.

In the first three quarters of last year, Midea’s total revenue declined 1.88% year-on-year to about 216.8 billion yuan, while its net profit expanded by 3.29% year-on-year to about 22 billion yuan, the company’s third-quarter report showed.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Related: Succession Crisis Looms for Chinese Appliance-Maker Gree as CEO Resigns

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