Ningbo Water Meter (Group) Co., LTD. (SHSE:603700) announces a share repurchase program. Under the program, the company will repurchase up to CNY 50 million worth of its shares. The shares will be repurchased at a price not more than CNY 18 per share.

The purpose of repurchase program is improving quality, increasing efficiency and focusing on returns. The repurchased shares will be used for employee stock ownership plan or equity incentives. The repurchases will be made from company's own funds.

The authorization will be valid for a period of 12 months.