Yantai Zhenghai Magnetic Material Co., Ltd. (SZSE:300224) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its A shares. The shares will be repurchased at a price not more than CNY 18.06 per share.

The repurchased shares will be used for ESOP or equity incentives. If the company fails to use the repurchased shares within 3 years after completion of the program, the unused shares will be cancelled. The authorization will be valid for a period of 12 months.