Guangzhou Newlife New Material CO., LTD (SZSE:301323) 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 repurchase at no more than CNY 48.86 per share.

The purpose of the program is to use the repurchased shares for employee stock ownership plans or equity incentives. If the company fails to use the shares for said purpose within three years of completion of the plan, the unused shares will be cancelled. The program will be funded from company's own funds.

The program will be valid for 12 months.