FinVolution Group, a China-based fintech that connects underserved individual borrowers with financial institutions, announced on Tuesday its new share repurchase program. whereby the Company is authorized to repurchase its own Class A ordinary shares in the form of American depositary shares (ADS) with an aggregate value of up to $60 million until December 31, 2021.
While sharing more details about the program, Feng Zhang, CEO of FinVolution, stated:
“FinVolution remains firmly committed to shareholder value, and since the initial launch in 2018 of our original share repurchase program of up to $120 million, we have cumulatively deployed approximately $111 million to purchase the Company’s ADS as of August 24, 2020.”
Zhang further noted that the program serves as an expansion of our share buyback efforts, bringing the total cumulative amount of capital for share repurchase up to $180 million.
“[The program] further reflects our confidence in the Company’s business operations and outlook, as well as our firm commitment to generating long-term value for our shareholders.”
As previously reported, FinVolution claims to be a pioneer in China’s online consumer finance industry and offers services for credit risk assessment, fraud detection, big data, and artificial intelligence. The company’s platform features automated loan transaction processes.