Zhongfu Straits (Pingtan) Development Company Limited (SZSE:000592) announces a share repurchase program. Under the program, the company will repurchase up to CNY 160 million worth of its shares. The shares will be repurchased at no more than CNY 2.52 per share.

The purpose of the program is to use the repurchased shares to maintain the company's value and shareholders' interests and employee stock ownership plan and equity incentives. The repurchased shares will be sold. The program will be funded from company's own funds.

The plan will be valid for 12 months.