MGI Tech Co., Ltd. (SHSE:688114) announces a share repurchase program. Under the program, the company will repurchase up to CNY 500 million worth of its A shares. The program will be valid for 12 months.

The shares will be purchased at a price not exceeding CNY 125 per share. The repurchased shares will be used for the implementation of ESOP or equity incentive plan and will be transferred within three years after the implementation results of the share repurchase and the announcement of share changes. If the company fails to use the shares for the aforementioned purposes, the untransferred portion of the repurchased shares shall be cancelled.

The program will be valid for 12 months.