Qingdao AInnovation Technology Group Co., Ltd. commences an Equity Buyback Plan for 55,930,484 shares, representing 10% of its issued share capital, under the authorization approved on May 10, 2022.

Qingdao AInnovation Technology Group Co., Ltd. (SEHK:2121) commences share repurchases on May 30, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 10, 2022. As per the mandate, the company is authorized to repurchase up to 55,930,484 shares, representing 10% of its issued share capital. The purpose of repurchase program is to enhance the net assets and/or its earnings per share.

The repurchases will be made out of the funds legally available for such purpose in accordance with its company's ordinance. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is carried out to the full extent, unless varied or revoked in a General Meeting. As of May 10, 2022, the company had 559,304,838 shares in issue.