(Yicai Global) June 1 -- China's Midea Group will buy back as much as CNY5 billion (USD784.8 million) worth of its shares in an attempt to keep its sliding market cap at a reasonable level via the home appliance giant's third repurchase plan this year.

The white goods maker will use its own funds, spending between CNY2.5 billion and CNY5 billion, to purchase the equity, priced up to CNY100 (USD15.70) apiece, the Foshan-based company said in a statement yesterday.

In February, Midea's stock price hit an all-time high of CNY108 after the firm revealed its plan to splurge up to CNY14 billion (USD2.2 billion) to buy back its shares, its largest single sum ever. Last month, the company said it had already spent CNY8.7 billion for the purpose.

On May 21, founder He Xiangjian said he will pour at least CNY800 million (USD125.7 million) to hike his stake in the air con maker via the Shenzhen Stock Exchange’s centralized bidding system, reflecting his confidence in the firm’s sustained development.

However, the controlling shareholder's move had a limited impact on the company's stock price. Midea's share price [SHE: 000333] has been declining steadily since May 26. This morning, the price fell 1.8 percent to CNY79.56 (USD12.50), down by more than a quarter from its historic high.

Midea is not alone in its pursuit of higher equity pricing. Gree Electric Appliances, Midea's rival, unveiled its stock repurchase plan on May 26 to spend as much as CNY15 billion on the endeavor.

Editor: Emmi Laine, Xiao Yi