Shandong Daye Co., Ltd. (SHSE:603278) commences share repurchases on January 17, 2019, under the program mandated by the shareholders in the Annual General Meeting held on January 2, 2019. As per the mandate, the company is authorized to repurchase up to CNY 50 million worth of its shares. The repurchase price will not exceed CNY 22 per share. The repurchased shares will be used for ESOP, Equity incentives plan and for the conversion of the company's convertible bonds. The plan is valid for 3 months from the date of shareholders' approval.