Qinchuan Machine Tool & Tool Group Share Co., Ltd. (SZSE:000837) commences share repurchases on April 16, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on April 2, 2024. As per the mandate, the company is authorized to repurchase to repurchase CNY 40 million worth of its common shares. The shares will be repurchased at a price of not more than CNY 13.5 per share.

The purpose of the program is to safeguard the interests of investors and enhance investors' confidence in the company. The repurchased shares will be used for equity incentives or employee stock ownership 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 from company's own funds.

The program will be valid for 12 months.