Zhejiang Zhaofeng Mechanical and Electronic Co.,Ltd. (SZSE:300695) 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 56.50 per share.

The repurchased shares will be used for ESOP or equity incentives. The repurchases will be made from company's own funds. The authorization will be valid for a period of 12 months.