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Shaanxi Coal to launch up to 5B yuan share buyback program

Shaanxi Coal Industry Co. Ltd. outlined plans to buy back up to 5 billion Chinese yuan of its shares within six months to boost investor confidence.

The company believes that its earnings and the quality of its assets are not reflected in its share price, according to a Sept. 6 filing.

Shaanxi Coal will conduct the share repurchase program through an auction process, with an offer price of no more than 10 yuan apiece.

The plan was authorized by the company's board and is pending approval from shareholders, which will be sought at a Sept. 26 extraordinary general meeting.

For the first half, Shaanxi Coal booked an 8.6% year-over-year increase in net profit to 5.94 billion yuan due to increased energy demand in the country.

As of Sept. 6, US$1 was equivalent to 6.84 Chinese yuan.