Bear Electric Appliance Co.,Ltd. (SZSE:002959) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its shares. The shares will be repurchased at a price of not more than CNY 75 per share.

The repurchased shares will be used for employee stock ownership plans or equity incentives. The program will be valid for a period of 12 months.