August 16, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — China Nepstar Chain Drugstore Ltd. (NYSE: NPD) said that its board of directors has authorized a share repurchase program. Under the terms of the approved program, China Nepstar may repurchase up to $20 million worth of its issued and outstanding American Depositary Shares from time to time over the next 12 months.

The repurchases will be made on the open market at prevailing market prices or in block trades and subject to restrictions relating to volume, price and timing. The company may effect buyback transactions pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Nepstar said it plans to fund repurchases made under this program from its available cash balance.

China-based China Nepstar Chain Drugstore is a Chinese retail drugstore chain that, as of June 30, had 2,582 stores across 74 cities, one headquarter distribution center and 13 regional distribution centers in China.

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