Shanghai Challenge Textile announced that the company plans to repurchase the issued Renminbi ordinary shares (A shares) of the company, with a repurchase amount of not less than 20 million yuan and not more than 40 million yuan, and a repurchase price not exceeding 2.61 yuan/share. It is expected that the number of repurchased shares will be between 7.6628 million shares and 15.3257 million shares, accounting for 0.92% to 1.84% of the total current share capital of the company. The repurchased shares will be used for cancellation to reduce the company's registered capital, and the source of funds is the company's own funds. The repurchase period is within 12 months from the date of approval by the shareholders' meeting.