Zangge Mining Company Limited commences an Equity Buyback for CNY 300 million worth of its shares, under the authorization approved on November 16, 2022.

Zangge Holding Company Limited (SZSE:000408) commences a share repurchases on November 17, 2022, under the program mandated by the shareholders in the Extraordinary General Meeting held on November 16, 2022. As per the mandate, the company is authorized to repurchase up to CNY 300 million worth of its A shares. The shares will be repurchased at a price not more than CNY 44.40 per share.

The repurchased shares will be used for the implementation of the company's employee stock ownership plan or equity incentives. The company will use its own funds to repurchase shares. The program is valid for 12 months from the date of approval.