Shanghai Laiyifen Co.,Ltd (SHSE:603777) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its shares. The shares will be purchased at a price not exceeding CNY 15.85 per share.

The purpose of the program is to improve the company's long-term incentive mechanism to attract talents, match the company's future business strategy, and enhance investors' confidence in the company's future development. The repurchased shares will be used for employee stock ownership plans or equity incentive plans, otherwise will be cancelled if the company fails to transfer them within the time limit stipulated by relevant laws and regulations. The program will be funded from company's own funds.

The program will be valid for 12 months.