SHANGHAI, Aug. 28,
2023 /PRNewswire/ -- FinVolution Group
("FinVolution," or the "Company") (NYSE: FINV), a leading fintech
platform, today announced that the board of directors of the
Company (the "Board") has authorized a new share repurchase program
(the "New Program") effective on August 29,
2023, under which the Company is approved to repurchase its
own Class A ordinary shares in the form of American depositary
shares ("ADS") with an aggregate value of up to US$150 million until August 29,
2025.
Mr. Tiezheng Li, President and
Chief Executive Officer of FinVolution Group, said, "We are firmly
committed to enhancing shareholder value. Since the initial launch
of our first share repurchase program on March 21, 2018 through June 30,
2023, we have cumulatively
deployed approximately US$228.6
million to purchase the Company's ADSs. We believe that
at present, the mixed domestic macroeconomic environment in
combination with our rapid growth in the flourishing international
markets and our strong balance sheet presents an attractive
opportunity to return value to shareholders. This program also
reflects our confidence in the Company's business operations and
outlook."
"Our Board approved the New Program in light of the Company's
effective business strategies and outstanding growth potential,"
said Mr. Shaofeng Gu, Chairman and
Chief Innovation Officer of the Company. "We continue to view
FinVolution as an excellent investment, particularly at our current
market valuation, and share buybacks serve as an effective capital
management tool in the current environment. With our strong
liquidity position and financial flexibility, we believe we are
well-positioned to capitalize on this buying opportunity while
executing our 'Local Focus, Global Outlook' strategy to deliver
long-term sustainable growth for all our stakeholders."
The timing and actual number of shares repurchased will be
determined by the 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 with strong
brand recognition in China and
international markets connecting borrowers of the young generation
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, 2023, the Company had
over 169.3 million cumulative registered users across China, Indonesia and the
Philippines.
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, IRC
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
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