CNNC Hua Yuan Titanium Dioxide (SHE:002145) plans to repurchase shares worth between 300 million yuan and 500 million yuan, according to a Shenzhen Stock Exchange disclosure on Thursday.

The Chinese titanium dioxide producer will buy back between 50 million and 83.3 million shares for 6 yuan per share within 12 months after the board of directors' approval.

The repurchased shares will be used for the company's employee stock ownership plan or equity incentives, the disclosure said.

The company's shares fell less than 2% in recent trade.