Guoguang Electric Company Limited (SZSE:002045) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at a price not more than CNY 10.5 per share and shall not exceed 150% of the average price of the company's stock trading on the 30 trading days before the board of directors passes the resolution of share repurchase. The purpose of the program is to promote the company’s healthy and stable long-term development, enhance investors’ confidence, protect the interests of investors and establish a sound long-term incentive mechanism based on confidence in the company’s future development prospects and recognition of the company’s intrinsic value. The repurchased shares will be used for the company's employee stock ownership plan or stock incentive plan and the unused shares will be cancelled. The program will be funded out of the company's own funds. The program is valid till 12 months from the date of approval of the board.