Red Avenue New Materials Group Co., Ltd. (SHSE:603650) announces a share repurchase program. Under the program, the company will repurchase up to CNY 120 million worth of its shares. The shares will be repurchased at no more than CNY 40 per share.

The purpose of the program is to use repurchased shares for equity incentives. The program will be funded from company's own funds. The plan will be valid for 12 months.