Shanghai SK Petroleum & Chemical Equipment Corporation Ltd. (SZSE:002278) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 85 million worth of its Class A shares. The shares will be repurchased at a price not more than CNY 8.50 per share.

The program will be funded using the company's own funds. The repurchased shares will be used to implement equity incentives or employee stock ownership plans. The program will be valid for a period of 12 months.