(Yicai Global) Sept. 3 -- Chinese panel giant BOE Technology Group spent more than CNY1 billion (USD144 million) to buy back shares for the first time ever, it announced yesterday, achieving half of its repurchase plan over two trading days.

The Beijing-based company was to initially reclaim 180 million of its own shares, it said in its Aug. 28 announcement of the scheme to spend up to CNY2 billion to take back 250 million to 350 million stocks. All the equity repurchased will go to the company's employee incentive plan, it added. It made the mass buys on Aug. 31 and Sept. 1.

The incentive scheme is based on the company’s confidence in its outlook as well as high recognition of its value, the firm explained. This is BOE’s first medium and long-term equity plan, said the company, which is among the world's largest makers of liquid crystal displays, organic light-emitting diodes and flexible displays.

BOE shares [SHE:000725] traded down 0.52 percent at CNY5.71 (82 US cents) in midafternoon

The company’s first-half net profit was CNY1.1 billion in a 31.95 percent per-year drop, while that in the first quarter was CNY567 million (USD81.7 million), down 46.12 percent yearly, according to its first-half financial report.

The firm's total assets were CNY350.7 billion (USD50.5 billion) and it had CNY56.7 billion in cash assets as of June 30, a bounty which helped enable its mass and rapid repurchase.

Editor: Ben Armour