The board of directors of GEEKPLUS-W (02590) has approved a share repurchase plan, according to a company announcement.

The plan authorizes the repurchase of H-shares on the open market over a 24-month period starting from the date of the announcement, with a total value not exceeding HK$2 billion.

This buyback is subject to the general mandate for H-share repurchases granted to the board by shareholders at the company's annual general meetings, which allows for the repurchase of up to 10% of the total issued shares as of the date of each AGM, excluding any treasury shares.

Each such authorization will expire upon the earlier of: (a) the conclusion of the company's next annual general meeting; or (b) the date on which shareholders pass a special resolution to revoke or vary the authorization at a general meeting.

The board believes that implementing a share buyback under the current circumstances demonstrates the company's confidence in its business outlook and prospects.

It is further believed that the repurchase will ultimately benefit the company and create value for shareholders.

The board also considers the company's existing financial resources sufficient to support the proposed share repurchase while maintaining a solid financial position.