Tianjin You Fa Steel Pipe Group Stock Co., Ltd. (SHSE:601686) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of its common shares. The shares will be purchased at a price not exceeding CNY 9.57 per share.

The repurchased shares will be used for the implementation of ESOP or equity incentive plan and for the conversion of the company's convertible bonds. The program will be funded from company's own funds. The program will be valid for 12 months.