Shanghai Putailai New Energy Technology Co.,Ltd. commences an Equity Buyback Plan for CNY 300 million worth of its shares, under the authorization approved on July 7, 2023.

Shanghai Putailai New Energy Technology Co.,Ltd. (SHSE:603659) commences share repurchases on September 7, 2023, under the program mandated by the shareholders in the Extraordinary General Meeting held on July 7, 2023. As per the mandate, the company is authorized to repurchase to repurchase CNY 300 million worth of its common shares. The shares will be repurchased at a price of not more than CNY 54.31 per share.

The repurchased shares will be used for employee stock ownership plans or equity incentive plans. The program will be valid till 12 months from the date of approval by shareholders.