Ninetowns Announces $5 Million Share Repurchase Program

Ninetowns Internet Technology Group Limited NINE today announced that its Board of Directors has authorized a share repurchase program, effective immediately. Under the program, Ninetowns is authorized to repurchase up to US$5 million of its American Depositary Shares, each ADS representing one ordinary share of the Company, in the next two years. The repurchase of the ADSs will be made in the open market depending on market conditions and other factors as well as subject to relevant rules under United States securities regulations. The repurchases are intended to qualify for the safe harbor provided by Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The program does not obligate Ninetowns to acquire any particular number of ADSs and may be suspended, modified or discontinued at any time. The share repurchase program will be funded by the Company's available working capital.