Zhejiang Power New Energy Co., Ltd. (SHSE:688184) commences share repurchases on April 15, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on April 1, 2024. As per the mandate, the company is authorized to repurchase to repurchase CNY 20 million worth of its common shares. The shares will be repurchased at a price of not more than CNY 27.13 per share.

The purpose of the program is to maintain the company's value and shareholders' rights, stabilize the stock price, enhance investor confidence, and promote the company's long-term, stable and sustainable development. The repurchased shares will be used to sale and if sale is not completed within the prescribed period, the company will cancel them. The program will be funded out of the company's private capital.

The program will be valid till 3 months from the date of approval by shareholders.