Zhongshan Broad-Ocean Motor Co., Ltd. (SZSE:002249) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 55 million worth of its shares. The shares will be repurchased at a price not more than CNY 6.5 per share.

The repurchased shares will be used to implement the employee stock ownership plan or equity incentive plan. The program will be funded from the company's own funds. The program will be not more than 12 months.