Piotech Inc. (SHSE:688072) commences share repurchases on March 29, 2024, under the program mandated by shareholders in the Extraordinary General Meeting held on March 18, 2024. As per the mandate, the company is authorized to repurchase up to CNY 197.30 million worth of its shares. The shares will be repurchased at no more than CNY 270 per share.

The purpose of the program is to use the repurchased shares for employee incentives and employee stock ownership plans. If the company fails to use the repurchased shares within 3 years after completion of the plan, the repurchased shares will be cancelled and the company's registered capital will be reduced. The program will be funded from the part of the over-raised funds obtained from the company?s initial public offering of RMB ordinary shares.

The authorization will be valid for 12 months.