BEIJING, June 11, 2018 /PRNewswire/ -- Yirendai Ltd.
(NYSE: YRD) ("Yirendai" or the "Company"), a leading fintech
company in China, announced today that its board of directors has approved a share repurchase
program whereby Yirendai is authorized to repurchase its ordinary shares in the form of American
depositary shares with an initial
aggregate value of up to US$20
million.
"The implementation of a share repurchase program reinforces
management's confidence in our long-term growth prospects and our
commitment to continually enhancing shareholder value," commented
Ms. Yihan Fang, Chief Executive
Officer of Yirendai. "We believe that our strong cash
position enables us to simultaneously return value to shareholders
through our regular semi-annual dividends and our new share
repurchase program. At the same time, we will continue to invest in
our business operations to drive long-term growth."
The proposed share repurchase may be effected on the open market
at prevailing market prices, depending on a number of factors,
including, but not limited to, share price, trading volume and
general market conditions, along with Yirendai's working capital
requirements, general business conditions and other factors, as
well as subject to applicable rules and
regulations, including requirements of Rule 10b5-1 and/or
Rule 10b-18 under the Securities
Exchange Act of 1934, as amended. The
Company's board of directors will review the share repurchase
program periodically, and may authorize adjustment of its terms and
size. The Company plans to fund the repurchases out of its
existing cash balance or future cash provided by operating
activities.
About Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading fintech company
in China connecting investors and individual borrowers.
The Company provides an effective solution to address largely
underserved investor and individual borrower demand
in China through an online platform that automates key
aspects of its operations to efficiently match borrowers with
investors and execute loan transactions. Yirendai deploys a
proprietary risk management system, which enables the Company to
effectively assess the creditworthiness of borrowers, appropriately
price the risks associated with borrowers, and offer quality loan
investment opportunities to investors. Yirendai's online
marketplace provides borrowers with quick and convenient access to
consumer credit at competitive prices and investors with easy and
quick access to an alternative asset class with attractive returns.
For more information, please visit ir.yirendai.com.
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SOURCE Yirendai Ltd.