Xi'an Manareco New Materials Co.,Ltd commences an Equity Buyback Plan for CNY 100 million worth of its shares, under the authorization approved on March 13, 2024.

Xi'an Manareco New Materials Co.,Ltd (SHSE:688550) commences share repurchases on March 28, 2024, under the program mandated by the shareholders in the Annual General Meeting held on March 13, 2024. As per the mandate, the company is authorized to repurchase up to CNY 100 million worth of its common stock. The shares will be purchased at a price of CNY 51 per share.

The purchases will be sourced from company's own funds. All shares repurchased will be used to cancel and reduce the company?s registered capital. The program will be valid for 12 months.