Ningxia Qinglong Pipes Industry Group Co., Ltd. (SZSE:002457) announces a share repurchase program. Under the program, the company will repurchase up to CNY 40 million worth of its shares. The shares will be repurchased at a price of not more than CNY 12.48 per share.

The repurchased shares will be used to implement the employee stock ownership plan. If the company fails to use the shares for said purpose within 3 years of completion of the program, the unused shares will be cancelled. The source of funds for the share repurchase is the company's own funds.

The term of this repurchase of shares shall not exceed 12 months.