BEIJING, March 19, 2018 /PRNewswire/ -- Bitauto Holdings
Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading
provider of internet content & marketing services, and
transaction services for China's
fast-growing automotive industry, today announced that the board of
directors of the Company has approved a share repurchase program
whereby Bitauto is authorized to repurchase its own ordinary shares
represented by American depositary shares with an aggregate value
of up to US$150 million within the
next 12-month period. The Company expects to fund the repurchase
out of its existing cash balance. The proposed share repurchase
may be effected on the open market at prevailing market prices
and/or in negotiated transactions off the market from time to time
as market conditions warrant in accordance with applicable
requirements of Rule 10b-18 and the
affirmative defense provisions under Rule 10b5-1 under the U.S.
Securities Exchange Act of 1934, as amended.
Mr. Andy Zhang, chief executive
officer of Bitauto said, "The share purchase program announced
today reflects our confidence in the long-term growth prospects of
all of Bitauto's business lines. We will continue to activate
synergies between Bitauto and Yixin, drive increased
efficiencies in our media business, and realize economies of scale
in Yixin."
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider
of internet content & marketing services, and transaction
services for China's fast-growing automotive
industry. Bitauto manages its businesses in three
segments: its advertising and subscription business, transaction
services business and digital marketing solutions business.
Bitauto's advertising and subscription business provides a
variety of advertising services mainly to automakers through
its bitauto.com website as well as corresponding mobile
applications, which provide consumers with up-to-date automobile
pricing and promotional information, specifications, reviews and
consumer feedback. Bitauto also offers subscription
services via its SaaS platform, which provides web-based and
mobile-based integrated digital marketing solutions to automobile
dealers in China. The platform enables dealer subscribers to
create their own online showrooms, list pricing and promotional
information, provide dealer contact information, place
advertisements and manage customer relationships to help them reach
a broad set of purchase-minded customers and effectively market
their automobiles to consumers online.
Bitauto's transaction services business is primarily
conducted by its controlled subsidiary, Yixin Group
Limited (SEHK: 2858), a leading online automobile retail
transaction platform in China, which provides transaction
platform services as well as self-operated financing services.
Bitauto's digital marketing solutions business provides
automakers with one-stop digital marketing solutions, including
website creation and maintenance, online public relations, online
marketing campaigns and advertising.
For more information, please visit ir.bitauto.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the business outlook of the Company and the
quotations from management in this announcement, as well
as Bitauto's strategic and operational plans, contain
forward-looking statements. Bitauto may also make written
or oral forward-looking statements in its periodic reports to
the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Bitauto's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and strategies; our future
business development, financial condition and results of
operations; the expected growth of the automobile industry and the
internet marketing industry in China; our expectations
regarding demand for and market acceptance of our services and
service delivery model; our expectations regarding enhancing our
brand recognition; our expectations regarding keeping and
strengthening our relationships with major customers, partner
websites and media vendors; relevant government policies and
regulations relating to our businesses, automobile purchases and
ownership in China; our ability to attract and retain quality
employees; our ability to stay abreast of market trends and
technological advances; competition in our industry
in China and internationally; general economic and
business conditions in China; and our ability to effectively
protect our intellectual property rights and not infringe on the
intellectual property rights of others. Further information
regarding these and other risks is included
in Bitauto's filings with the Securities and
Exchange Commission, including its annual report on Form
20-F. Bitauto does not undertake any obligation to update
any forward-looking statement as a result of new information,
future events or otherwise, except as required under applicable
law. All information provided in this press release and in the
attachments is as of the date of this press release,
and Bitauto undertakes no duty to update such
information, except as required under applicable law.
For investor and media inquiries, please contact:
China
Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com
Clarisse Pan
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com
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SOURCE Bitauto Holdings Limited