Jiangsu Favored Nanotechnology Co., Ltd (SHSE:688371) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at no more than CNY 24.99 per share.

The purpose of the program is to safeguard the interests of investors, to enhance investor confidence, and at the same time to improve the company's long-term incentive mechanism, to fully mobilize the enthusiasm of the company's management personnel and core backbones, and to improve the team Cohesion and competitiveness will effectively promote the company's long-term development. The company plans to use repurchased shares for employee stock ownership plans or equity incentives. If the company fails to use the shares within 3 years after the announcement of the result of share repurchase, the procedures for reducing the registered capital will be carried out in accordance with the law and the repurchased shares will be cancelled.

The program will be funded from company's own funds. The plan will be valid for 12 months.