Xuanwuyun (02392) issued an announcementCrashbandicootandroidThe board of directors intends to exercise the power to repurchase the shares of the company in accordance with the general authority (the Repurchase mandate) granted to the Board by shareholders' resolution at the annual general meeting of the Company held on 26 June 2023 and the new Repurchase mandate (2024 Repurchase mandate) to be approved at the annual general meeting of the Company on 26 June 2024. According to the repurchase authorizationCrashbandicootandroidThe company is allowed to buy back up to 5603Crashbandicootandroid.21 million shares, i.e. 10% of the total number of shares in issue on the day on which the resolution was passed at the annual general meeting.

The Board decided that the Company would exercise the Repurchase mandate and, if approved, the 2024 Repurchase mandate in the light of market conditions to repurchase shares on the open market (share Repurchase Plan). The company intends to use up to HK $100 million to repurchase shares under the share repurchase programme.

The board of directors is full of confidence in the business prospects and long-term development of the Group and considers that the current share price of the company is lower than its intrinsic actual value. The Board believes that the Company's current financial resources are sufficient to support the share repurchase Programme and that the share repurchase under the share Repurchase Programme will not adversely affect the Group's business operations or cash flow.