Vanchip announced that Chairman Rong Xiuli has proposed that the company use IPO over-raised funds, together with its own or self-raised funds, to repurchase A-shares through centralized bidding, and to cancel them in accordance with the law and reduce registered capital. The total repurchase amount shall be no less than RMB 50 million and no more than RMB 60 million, with the upper price limit set at no more than 150% of the average stock price over the 30 trading days preceding the board resolution to review the repurchase plan. The repurchase term shall be no more than 12 months from the date the shareholders' meeting reviews and approves the final plan. The company will study and formulate a repurchase plan and complete the approval procedures, and the matter may be implemented only after approval.