Great Wall Motor Co., Ltd. (601633.SH) announced on Thursday that its deputy general manager had promised to buy back no less than 22,883 shares of the company from the secondary market after conducting irregular share selling in November.
According to the company's earlier announcement, Hu sold 22,883 shares of the company in November, which violated regulations of the China Securities Regulatory Commission (CSRC) on forbidding listed companies' large shareholders and senior managers to sell their holdings through the secondary market.
After the share cutting, Hu apologized for his behavior in the announcement published on December 3 and promised not to cut his holdings in the next twelve months. Pursuant to the regulations, Hu will be allowed to conduct buyback move six months after his underweighting activity, which is on May 20, 2016, said the company.
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