Essence Fastening Systems (Shanghai) Co., Ltd. (SZSE:301005) announces a share repurchase program. Under the program, the company will repurchase up to CNY 80 million worth of its ordinary shares. The shares will be repurchased at a price not more than CNY 40 per share.

The repurchased shares will be used for employee stock ownership plans or equity incentives. The source of fund for the repurchases will be company's own funds. The program will be valid for a period of 12 months.