SHENZHEN, China--(BUSINESS WIRE)--Tongjitang Chinese Medicines Company (the “Company” or “Tongjitang”) (NYSE: TCM), a leading specialty pharmaceutical company focusing on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China, today announced that at its annual general meeting, Tongjitang’s shareholders approved the Company’s proposed repurchase of its own American Depositary Shares (“ADSs”) with an aggregate value of up to US$20 million within 18 months of shareholder approval. Shareholders also approved an amendment to the Company’s articles of association to authorize the Board to approve and execute future share repurchase plans without shareholder approval, and an amendment of the Company’s share incentive plan to authorize the Board to adjust the exercise prices of outstanding options.
