Qifu Technology announced the substantial completion of its US$350 million share repurchase plan, which was approved on March 12, 2024, for the period starting April 1, 2024. As of December 30, 2024, the company had repurchased 15,110,617 American depositary shares (ADSs) for a total of US$349,997,661, at an average price of US$23.14 per ADS. The company intends to cancel all repurchased shares.
The company also provided an update on its new US$450 million share repurchase plan for 2025, which was approved on November 19, 2024. This new program is authorized to repurchase ADSs or Class A ordinary shares over the next 12 months, commencing January 1, 2025. The repurchases may occur on the open market, in privately negotiated transactions, or through other legally permissible means.
The execution of these share repurchase programs underscores Qifu Technology's commitment to returning value to shareholders and reflects management's confidence in the company's financial position. The consistent buybacks aim to reduce the outstanding share count and enhance shareholder value.
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