(Yicai Global) Jan. 2 -- Midea Group, China's largest maker of home appliances, has completed the largest share repurchase ever seen on the country's stock market.
Midea has bought back a total of 95.1 million shares for about CNY4 billion (USD580 million) since July, accounting for 1.43 percent of the total, the Foshan-based company said in a statement, adding that the shares were priced between CNY36.5 (USD5.3) and CNY48.4 each.
The value of the repurchased shares has reached the maximum limit allowed in the market and Midea will cancel these shares thus reducing the total number to 6.6 billion from 6.7 billion.
Midea Group released the CNY4 billion repurchase plan last July after the company's stock price [SHE:000333] fell almost one-quarter in less than one month to CNY45.11 per share.
The company's shares traded down 0.54 percent at CNY36.66 as of 1.00 p.m. Beijing time today. Midea closed at CNY36.86 per share on Dec. 28, down 18.3 percent from CNY45.11 per share on July 4.