Shanghai Shimao Co.,Ltd (SHSE:600823) commences share repurchases on July 10, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 27, 2023. As per the mandate, the company is authorized to repurchase its A shares for a total of CNY 200 million. The shares will be purchased at a price not exceeding CNY 1.3 per share. The purpose of the program is to maintain the company?s value and shareholders? rights and interests. The repurchased shares will be used for subsequent sales in accordance with relevant regulations. The program will be funded from company's own funds. The program will be valid for 3 months from the date of the shareholder's meeting.

On August 12, 2023,the company adjusted the maximum repurchase price from not more than CNY 1.30 per share to not more than CNY 1.80 per share.