SHANGHAI, Aug. 22,
2022 /PRNewswire/ -- FinVolution Group
("FinVolution," or the "Company") (NYSE: FINV), a leading fintech
platform in China, today announced
that on August 21, 2022, the board of
directors of the Company approved the expansion of FinVolution's
existing share repurchase program from up to US$60 million to up to US$140 million and the extension for another
twelve months from January 1, 2023
through December 31, 2023, which
allows the Company to repurchase its own Class A ordinary shares in
the form of American depositary shares ("ADSs") with an aggregate
value of up to US$140 million until
December 31, 2023. This share
repurchase program was initially approved by the board of directors
of the Company on August 24, 2020 and
an extension of the term of this share repurchase program until
December 31, 2022 was approved by the
board of directors of the Company on November 17, 2021.
Mr. Feng Zhang, Chief Executive
Officer of FinVolution, said, "FinVolution remains firmly committed
to shareholder value. Since the initial launch of our first share
repurchase program on March 21, 2018,
we have cumulatively deployed approximately US$158.0 million to purchase the Company's ADSs
as of July 31, 2022. This expansion
reflects our share buyback efforts, bringing the total cumulative
amount of capital for the Company's historical and existing share
repurchase programs up to US$260
million. We believe that the increase in our share
repurchase program is an efficient use of our existing capital and
demonstrates our commitment to providing greater support for our
shareholders amid such a challenging macro environment."
"Our announcement today further reflects our confidence in the
Company's business operations and underlying earnings
strength," noted Mr. Shaofeng
Gu, Chairman of the Company." We continue to view
FinVolution as an attractive investment opportunity, and our
strong balance sheet provides us with the financial flexibility to
drive strategic investments and long-term growth while generating
sustainable returns for our shareholders."
The timing and actual number of shares repurchased will be
determined by management at its discretion and will depend on a
variety of factors, including, but not limited to, share price,
trading volume and general market conditions, along with the
Company's capital allocation strategy to prioritize investments to
grow the business over the long term and other factors, as well as
subject to the applicable rules of Rule 10b5-1 and/or Rule
10b-18 under the Securities Exchange
Act of 1934, as amended. FinVolution plans to fund the repurchases
out of its existing cash balance or future cash provided by its
operating activities.
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, 2022, the Company had
over 149.3 million cumulative registered users.
For more information, please visit: http://ir.finvgroup.com.
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 the 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 the 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 investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200 Ext. 8601
Email: ir@xinye.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
Email: finv@tpg-ir.com
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SOURCE FinVolution Group