HK$4 billion limit, Zhipu H-share public tender offer plan

Z.AI (02513.HK) said it plans to buy back up to HK$4 billion (about KRW 690 billion) of its H-shares on the open market, with the number of shares repurchased capped at 1% of total issued shares as of the disclosure date. The plan follows a proposal from board chairman Liu Debing and was authorized at the June 22 shareholders' meeting, remaining valid until the next annual general meeting or earlier cancellation or amendment by special resolution. The 1% limit is calculated against the company's entire issued share capital rather than its H-share float, and the HK$4 billion figure is a ceiling on total consideration rather than a committed amount. The buyback signals management's confidence in valuation and could support the H-share price, and investors will watch for actual execution pace and any change to the mandate at the next AGM.