Pingtan Marine Enterprise Chairman and CEO Xinrong Zhou said Tuesday he will purchase at least 1 million ordinary shares of Pingtan within the next year, subject to market conditions. 

The shares may be purchased in the open market or in privately negotiated transactions.

"I continue to believe that based on the fundamental strengths of the company, and its long-term prospects, Pingtan's stock is undervalued and represents an attractive investment at current market prices," Zhou said.