A mutual fund established under San’an Opto Employee Stock Ownership Plans (ESOP) has acquired 50.30 million company shares.

The fund, Xin-Zhong No. 1, is operated by Industrial Assets Management Co. Limited. As of Nov. 18, 2014, the fund purchased 50.30 million San’an Opto shares, which amounted to RMB 742.08 million (US$ 120.58 million), according to an announcement released by the company on November 28.

The company has adopted “San’an Opto’s ESOP and Summary” proposal previously at a recent shareholders meeting, which sets the maximum company stock purchases under ESOP’s at RMB 930 million.