Seres Buyback Reaches 17.54M Shares, 1.01% of Capital, for RMB 983M

The detail that matters here is the use of the repurchased stock: cancelling shares to reduce registered capital is a permanent shrink of the equity base, unlike buybacks parked as treasury stock for later resale or employee plans. The wide RMB 43.99 to RMB 91.00 execution band suggests the program has run across very different price levels, so the blended cost is less informative than the pace of accumulation. Whether the buyback continues at the same cadence into further disclosures is the open question.