Xin Fei Fei began to buy 9 million 900 thousand shares, worth over 1 billion 800 million yuan.

Signify, the global lighting leader, announced yesterday that it would initiate a share repurchase program to buy up to 230 million euros (about 1 billion 837 million yuan) of its own shares to reduce capital.

The plan is in line with the July 27, 2018 announcement of Xin Nuo Fei, which will take effect in July 30, 2018 and is expected to be completed by the end of 2018. According to the current stock price, the total repurchase scheme amounts to about 9 million 900 thousand shares, accounting for 7.2% of the issued share capital of the company. Xin Nuo Fei intends to cancel stock repurchase.

The buy back plan will be executed by an intermediary to allow stock repurchases during the opening and closing periods, and is within the purview of the annual general meeting of shareholders in May 15, 2018.

Prior to this, Xin Fei Fei announced the two quarter of this year's earnings report, the company achieved sales of 1 billion 537 million euros (about RMB 12 billion 195 million yuan), down 9.5% compared with the same period last year, net income of 29 million euros (about 230 million yuan), down 60% compared with the same period last year. In the first half of 2018, the company achieved a total sales of 3 billion 38 million euros (about 24 billion 104 million yuan), a decrease of 10.4% compared to the same period last year, and realized a net income of 49 million euros (about 389 million yuan), a decrease of 63.2% over the same period last year. (Editor: LED net James)

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