Zhejiang Power New Energy Co., Ltd. (SHSE:688184) commences share repurchases on January 25, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on January 12, 2024. As per the mandate, the company is authorized to repurchase to repurchase CNY 40 million worth of its common shares. The shares will be repurchased at a price of not more than CNY 30.61 per share.

The purpose of the program is to safeguard the interests of all shareholders of the company, enhance investor confidence, stabilize and enhance the company's value, and promote the company's long-term, healthy and sustainable development. The repurchased shares will be used to cancel and reduce registered capital. The program will be funded out of the company's own funds.

The program will be valid till 12 months from the date of approval by shareholders.