HONG RI DA Technology Company Limited (SZSE:301285) commences share repurchases on January 22, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on November 24, 2023. As per the mandate, the company is authorized to repurchase to repurchase CNY 70 million worth of its common shares. The shares will be repurchased at a price of not more than CNY 23 per share.

The purpose of the program is to improve the company's long-term incentive mechanism. The repurchased shares will be used for employee stock ownership plans or equity incentive plans, otherwise will be cancelled if the company fails to transfer them within the time limit stipulated by relevant laws and regulations. The program will be funded out of the company's own funds.

The program will be valid till 12 months from the date of approval by shareholders.