Giant Network announces board approval for a new share repurchase plan

Absrtact: September 26 Evening News, Giant Network (NYSE:GA) announced today that the board has approved a new share repurchase plan. In the plan, the Giants are authorised to buy up to five of the market in the New York Stock Exchange in the next 12 months.

September 26 Evening News, Giant Network (NYSE:GA) announced today that the board has approved a new share repurchase plan. In the plan, the Giants are mandated to repurchase the "American Depository Shares" ("ADSs") that have been issued and circulated by companies with a value of $50 million in open market transactions in the New York Stock Exchange over the next 12 months.

The company will implement the repurchase plan under the 10B5-1 rules and will comply with the relevant securities regulations, including the 10B-18 rules promulgated by the Securities and Exchange Commission in 1934 and their amendments. The time and process of repurchase will be based on market conditions, transaction prices and other factors, including the usual restrictions that may be limited to share buybacks. The share repurchase plan does not require companies to implement plans at specific times and circumstances.

Shi Yuzhu, chairman and chief executive of the giant's board of directors, said: "In the booming industry of China's online games, we believe that the current company's stock price does not fully reflect our recent performance and future growth expectations." We have always been committed to create more value for shareholders and to maximize the interests of shareholders, whether through the return of cash dividends or through the implementation of the share repurchase plan, such as the company has paid on September 9, 2011, a special dividend of 3.00 dollars per share. These initiatives reflect the company's available cash resources and will increase shareholder returns, and our goal is to keep the company's value up. ”