SHANGHAI, Aug. 25, 2020 /PRNewswire/ -- FinVolution Group
("FinVolution", or the "Company") (NYSE: FINV), a leading fintech
platform in China, today announced
that effective August 24, 2020, the
board of directors of the Company (the "Board") approved a new
share repurchase program (the "New 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 US$60 million till
December 31, 2021.
Mr. Feng Zhang, Chief Executive
Officer of FinVolution, said, "FinVolution remains firmly committed
to shareholder value, and since the initial launch in 2018 of our
original share repurchase program of up to US$120 million, we have cumulatively deployed
approximately US$111 million to
purchase the Company's ADS as of August
24, 2020. This New Program serves as an expansion of our
share buyback efforts, bringing the total cumulative amount of
capital for share repurchase up to US$180
million. It 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."
About FinVolution Group
FinVolution Group is a leading fintech platform in China connecting underserved individual
borrowers with financial institutions. Established in 2007, the
Company is a pioneer in China's
online consumer finance industry and has developed innovative
technologies and has accumulated in-depth experience in the core
areas of credit risk assessment, fraud detection, big data and
artificial intelligence. The Company's platform, empowered by
proprietary cutting-edge technologies, features a highly automated
loan transaction process, which enables a superior user experience.
As of June 30, 2020, the Company had
over 110.4 million cumulative registered users.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in 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," "target,"
"confident" and similar statements. Such statements are based upon
management's current expectations and current market and operating
conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to
the Company's ability to attract and retain borrowers and investors
on its marketplace, its ability to increase volume of loans
facilitated through the Company's marketplace, its ability to
introduce new loan products and platform enhancements, its ability
to compete effectively, laws, regulations and governmental policies
relating to the online consumer finance industry in China, general economic conditions in
China, and the Company's ability
to meet the standards necessary to maintain listing of its ADSs on
the NYSE, including its ability to cure any non-compliance with the
NYSE's continued listing criteria. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is as of the date of
this press release, and FinVolution 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.
For more information, please visit https://ir.finvgroup.com
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200- Ext 8601
E-mail: ir@xinye.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
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SOURCE FinVolution Group