Midea (SHE:000333, HKG:0300) plans to repurchase about 1.5 billion yuan to 3 billion yuan worth of A shares through centralized bidding on the Shenzhen Stock Exchange.

This represents about 0.2% to 0.39% of the Chinese appliances maker's share capital, according to a Tuesday bourse filing.

The buyback, which will use the company's own funds and will be carried out in 12 months, establishes a maximum price of 100 yuan per share.

The company's Shenzhen shares closed at 70.23 yuan on Tuesday in Shenzhen, up 4.5% from the previous session.

Its Hong Kong listed shares rose over 3% in late afternoon trading.