Update on Share Repurchase
As previously disclosed, the Company established a share repurchase program in June 2022, under which the Company may purchase up to US$200 million worth of its Class A ordinary shares and/or ADSs over a 24-month period. From the launch of the share repurchase program on June 13, 2022 to March 13, 2024, the Company has in aggregate purchased 56.7 million ADSs in the open market for a total amount of approximately US$94.2 million (an average price of $1.7 per ADS) pursuant to the share repurchase program.
Subsequently, our Board has approved a new share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024, in addition to the existing share repurchase program established on June 13, 2022, scheduled to conclude on June 12, 2024.