Chinese feed products manufacturer Beijing Dabeinong Technology Group has announced that it will lift up the maximum amount for share buyback from 300 million yuan ($45.27 million) to 1 billion yuan ($150.92 million).

In addition, the repurchase price should be no more than 7.92 yuan ($1.20) per share.

It is estimated that following the increase, the company would be able to buy back about 126.3 million shares, approximately 2.98 percent of the total capital stock of the company.

Beijing Dabeinong's preliminary 2017 net profit upped 42.1 percent year over year at 1.3 billion yuan ($206.17 million).