ZCZL Industrial Technology (SHA:601717, HKG:0564), formerly ZMJ Group, proposed to repurchase shares worth between 300 million yuan and 400 million yuan, according to a Hong Kong bourse filing published late July 31.

The coal mining equipment supplier's Shanghai shares rose 1% during Monday's afternoon trade.

Between 14,285,714 shares and 19,047,61 shares, representing approximately 0.80% to 1.07% of the company's total shares, will be bought for a maximum of 21 yuan per share.

The share buyback will be implemented 12 months after shareholders' approval.

After the share buyback, 50% of the repurchased shares will be cancelled, and the remaining 50% will be used for the future implementation of equity incentive schemes or employee share ownership plans.