Less than one month remaining! Nearshore protein "urgently" raises buyback price to the limit to "push" the stock price

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        Every Daily Economic News reporter｜Wen Duo    Editor｜Yang Jun              

On March 24, after trading hours, Jinkan Protein (SH688137) issued an announcement stating that the company’s board of directors approved a proposal to adjust the upper limit on the repurchase share price. The company plans to adjust the upper limit from no more than 30.68 yuan per share to no more than 46.25 yuan per share.

《The Daily Economic News》 reporter noted that this adjustment occurred against the backdrop that less than one month remained in the implementation period of the company’s share repurchase plan. Moreover, as of the end of February, the progress under the repurchase plan was still zero.

A significant increase in the upper limit on the repurchase price

According to the announcement, besides raising the upper limit on the repurchase share price by 50.75%, all other details of the repurchase plan remain unchanged, including the expected total repurchase funds of 10 million yuan to 20 million yuan, and the repurchased shares will be used for lawful cancellation and to reduce registered capital.

This price upper-limit adjustment falls within the authorization granted by the shareholders’ meeting to the board of directors and therefore does not require submitting the matter again to the shareholders’ meeting for review. The announcement also highlights that if, during the repurchase period, the company’s share price continues to stay above the adjusted upper limit, there is a risk that the repurchase plan cannot be carried out or can only be carried out partially. At the same time, Jinkan Protein also stated that it will implement the repurchase in a timely manner during the repurchase period and promptly fulfill its information disclosure obligations.

Jinkan Protein’s repurchase plan was first disclosed on September 28, 2024, and was approved on October 15, 2024, at the company’s 2024 third extraordinary shareholders’ meeting. Under the original plan, the repurchase period was 12 months from the date the shareholders’ meeting approved the plan, namely from October 15, 2024 to October 14, 2025. On October 13, 2025, the company’s board of directors approved a proposal to extend the repurchase implementation period by 6 months, extending the repurchase period to April 13, 2026.

According to the company’s previously disclosed announcements on repurchase progress, as of February 28, 2026, the company had not carried out any share repurchase, with cumulative repurchased shares of 0 shares, accounting for 0% of total share capital. In multiple announcements, the company stated that it will implement the repurchase plan at an appropriate time based on market conditions.

Another repurchase plan was completed last year

Since the repurchase plan was approved by the shareholders’ meeting on October 15, 2024, Jinkan Protein’s stock price performance has shown a clear upward trend.

Data from Wind (Choice) shows that on October 15, 2024, the company’s stock closed at 34.20 yuan per share, whereas by March 24, 2026, the stock price had risen to 38.44 yuan per share. During this period, the stock’s highest price reached as high as 54.56 yuan per share, and in April 2025 it was below 29 yuan per share.

Since November 2024, for most of the time, Jinkan Protein’s stock price has traded above the original upper limit for repurchase price of 30.68 yuan per share. In addition, between October 15, 2024 and March 24, 2026, the company’s stock price median was 39.07 yuan per share, significantly higher than the original repurchase price upper limit. This price trend may help explain why the company still did not initiate any repurchase operations even after more than one year of the repurchase plan’s implementation.

Although this upward adjustment to the repurchase price upper limit by the listed company is more likely due to market factors, for investors it is also seen as reflecting the listed company’s confidence in its future development. This time, Jinkan Protein raised the upper limit on the repurchase price significantly to 46.25 yuan per share, leaving room for a premium over the current stock price.

What needs to be seen is that during the period from 2024 to 2025, Jinkan Protein planned two repurchase actions. According to the company’s special report on the storage and actual use of raised funds in the first half of 2025, as of June 30, 2025, through the Shanghai Stock Exchange’s system of centralized competitive trading, the company had cumulatively repurchased 404,300 shares for an employee stock ownership plan or equity incentives, paying a total of 11.9598 million yuan. This portion of the repurchase is a different repurchase matter from the repurchase plan with the adjusted upper limit on the price; that plan was completed in July 2025.

Cover image source: Zhu Yu

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