Zhejiang Hongchang Electrical Technology Co., Ltd. (SZSE:301008) announces a share repurchase program. Under the program, the company will repurchase up to CNY 40 million worth of its shares. The shares will be repurchased at a price not more than CNY 36 per share.

The repurchased shares will be used for ESOP or equity incentives. The authorization will be valid for a period of 12 months.