HONG KONG, July 8, 2015 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company", stock code: 400.HK), the largest e-commerce services platform for the enterprise procurement of electronics manufacturing industry in China, today announced that its board of directors has resumed the repurchase program (the "Repurchase") to repurchase Cogobuy's issued and outstanding shares.
The Company has determined that the current market price of the Company's shares represents an attractive opportunity for it to recommence to repurchase shares in the open market and to direct the Trustee to use the remaining funds of HK$96,742,566 to acquire shares to satisfy future awards under the RSU scheme, pursuant to the allocation of funds announced at the end of 2014. Based on today's closing pricing of HK$4.91, a total of approximately 20,358,170 shares may be purchased by the Company and the trustee, representing approximately 6.1% of the public float (Company's total issued share capital less shares held by insiders).
About Cogobuy Group
Cogobuy Group is the largest e-commerce service platform for the enterprise procurement of China's electronics manufacturing industry. Through the e-commerce platform, including a direct sales platform, an online marketplace and a dedicated team of technical consultants and professional sales representatives, the Company provides customers with comprehensive online and offline services across pre-sale, sale and post-sale stages. The Company serves mainly SME electronics manufacturers.
For further information, please refer to the Company's website at http://www.cogobuy.com/
INGDAN.com is an online and offline platform focusing on the hardware innovation sector. The platform provides information of hardware innovation, knowledge of the supply chain and supply chain demand docking for IoT innovation entrepreneurs. It is a one-stop hardware innovation business platform with its core being the "supply chain."
For further information, please refer to the Company's website at http://www.ingdan.com/
SOURCE Cogobuy Group