SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD commences an Equity Buyback Plan for CNY 200 million worth of its shares, under the authorization approved on September 2, 2021.

SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD (SHSE:601399) commences share repurchases on October 27, 2021, under the program mandated by the shareholders in the Extraordinary General Meeting held on September 2, 2021. As per the mandate, the company is authorized to repurchase up to CNY 200 million worth of its Class A shares. The shares will be repurchased at a price no more than CNY 5.11 per share.

The repurchases will be funded using the company's own funds. The repurchased shares will be cancelled to reduce the registered capital. The program will be valid for a period of 12 months from the date of review and approval of the repurchase plan by the general meeting of shareholders.