Gongniu Group Co., Ltd. (SHSE:603195) announces a share repurchase program. Under the program, the company will repurchase CNY 350 million worth of its shares. The shares will be repurchased at a price of not more than CNY 156 per share.

The shares purchased will be used to implement the company's equity incentive plan and employee stock ownership plan. If the company fails to use the repurchased shares for said purpose after 3 years of completion of the repurchase program, the unused shares will be cancelled. The program will be funded from company's own funds.

The program is valid for 12 months.