Qifu Technology, Inc. (NASDAQ:QFIN, HKEx: 3660)) (“Qifu Technology” or the “Company”), a leading Credit-Tech platform in China, today announced that as part of the Company’s ongoing efforts to enhance shareholder value, its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$150 million worth of its outstanding Class A ordinary shares in the form of American depositary shares (“ADSs”) over the next 12 months.
The Company plans to fund repurchases made under this program from its existing cash balance. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.
Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qifu Technology, commented, “We are confident in our long-term growth prospects and the intrinsic value of our business. This share repurchase program reflects our commitment to delivering value to our shareholders while maintaining a strong balance sheet and investing in our future growth.”
Qifu Technology is a leading Credit-Tech platform in China that provides online consumer finance products and services to underserved borrowers. The Company leverages big data analytics, cloud computing and artificial intelligence to offer a range of products, such as cash loans, installment loans, auto loans and wealth management products. The Company also operates an open platform that connects borrowers with third-party financial institutions and service providers.
Sources: Benzinga, Stocks Register
